Investing in Ontario Act Delivers $1.1 Billion for Municipal
TORONTO, Aug. 25 /CNW/ -
The McGuinty government is investing an additional $1.1 billion in
municipal infrastructure to improve roads and bridges, expand public transit
and build other municipal projects.
The investment is expected to create as many as 11,000 construction jobs
in the short term and make Ontario's economy more competitive in the long
The increase in infrastructure funding comes as a result of the
government passing the Investing in Ontario Act, 2008. Because of that act,
the government's surplus above $600 million for the 2007-2008 fiscal year was
able to flow to municipalities to fund infrastructure projects.
Today's announcement was triggered by the release of the 2007-08 Public
Accounts, which show a $600 million surplus for the past fiscal year.
Investing in infrastructure is part of the McGuinty government's
five-point economic plan to build a stronger economy.
"By investing in infrastructure in every Ontario community, we're
creating jobs for families and making our communities stronger," said Premier
"The Investing in Ontario Act is a balanced approach that will stimulate
our economy by investing in municipal infrastructure while being prudent by
paying down a portion of the accumulated deficit," said Dwight Duncan, Ontario
Minister of Finance.
"Through this investment, the McGuinty government is taking another step
forward in our relationship with our municipal partners. Municipal leaders now
have the ability to choose their next infrastructure project, and to move that
project forward," said Minister of Municipal Affairs and Housing Jim Watson.
- This year, the Investing in Ontario Act, 2008 and regulation direct a
portion of provincial surpluses to municipalities for infrastructure
needs, such as improving roads and bridges, expanding transit and
upgrading social housing.
- Every municipality in Ontario will benefit. $1.1 billion in capital
grants will be paid to municipalities and $600 million will go towards
reducing the province's accumulated deficit.
- In 2007, the Ontario Chamber of Commerce did a survey of Ontario
<a href="http://occ-oes.com/files/Ontario%20Economic%20Summit%20Leger%20Marketing%20Survey%202007.pdf">rvey%202007.pdf</a>) and found "91 per cent of those surveyed indicated
that infrastructure was the most critical issue to be addressed
today (http://occ.on.ca/Communications/Media%20Releases/359 )."
- The 2007-08 Public Accounts
(http://www.fin.gov.on.ca/english/budget/paccts/) were released today, and
present the audited financial statements of the province, provide
financial highlights of the past fiscal year, and report on
performance against the goals set out in the 2007 Budget.
- With today's announcement, in 2007-08 the McGuinty government invested
a total of $9.9 billion in infrastructure to improve the province's
highways, public transit, municipal roads and bridges, hospitals,
places to learn and other public assets. Of that, $3.5 billion has
gone towards municipalities for infrastructure.
See how the Investing in Ontario Act will be helping your community.
Find out how Ontario's five-point plan for the economy can help your
family (http://www.edu.gov.on.ca/eng/tcu/secondcareer/) and your business
Read background information on the Investing in Ontario Act
Learn more about the Provincial-Municipal Fiscal and Service Delivery
Review (http://www.mah.gov.on.ca/Page182.aspx), the government's commitment to
working towards a sustainable, provincial-municipal relationship.
See how Ontario is helping to build infrastructure
(http://www.pir.gov.on.ca/english/infrastructure/index.html) across the
Learn more about what's happening in Ontario's municipalities
Disponible en francais
For further information:
For further information: Premier's Media Office: (416) 314-8975