Ontario's projected deficit will grow to a record $38.5 billion this year, as the province takes a significant financial hit from the effects of COVID-19, forcing the government to increase its pandemic rescue package to $30 billion in 2020-2021.
"We remain in uncertain times and the risk of a second wave is real despite our collective efforts to avert it", he said.
The shorthand version of that in Ontario which, along with Quebec, is the epicentre of the COVID-19 outbreak in Canada, is that the province is drowning in an ocean of red ink.
The government's next fiscal update will come in November during a multi-year budget to be delivered by Finance Minister Rod Phillips.
On March 25, the treasurer announced a $17-billion coronavirus plan, injecting $3.3 billion more into health care plus $3.7 billion for other supports.
He says the large number is the result of the government providing extra funding to cope with COVID-19.
The province will add $2.2 billion to a standard contingency fund established in the wake of the pandemic.
Government revenues for this year are down $5.7 billion from previous estimates, expenses up $13.1 billion, partly offset by the federal government increasing transfers to Ontario by $6.2 billion.
All tax deferrals the province had put in place earlier this year will be extended until to October 1, which it estimates will cost $1.3 billion. The government said it will instead introduce its full spending package on, or before, November 14.