Ontario's deficit came in at $14 billion for the year ended March 31, down from the $19.7 initially projected because of lower expenses, the government said Tuesday.

Premier Dalton McGuinty and Finance Minister Dwight Duncan made the announcement at a Markham construction site, standing in front of a banner saying “Ontario: on the right track.”

But Duncan said in an interview that this fiscal year's deficit is still projected to come in at $16 billion, slightly higher than the actual figure for last year.

That may change in the fall economic statement that will come if the Liberals are re-elected on Oct. 6 in what is shaping up to be a tight election.

Duncan also said the schedule for balancing the budget in 2018 is not being changed at this point because of “uncertainty” in the world economy.

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