Ontario ended the 2021-22 fiscal year with a surplus of over two billion dollars.

That was because revenues were 20 per cent higher than expected.

Finance Minister Peter Bethenfalvy says there remains challenging times for the province’s economy.

“So my job as finance minister is to make sure that we have the fiscal firepower to deal with any challenge that might be in front of us,” says Bethenfalvy.

“Those are real.  Those are real challenges.”

Bethlanfalvy adds the surplus is due to higher than expected revenues.

“The province’s total revenue is reported at $185.1 billion dollars.  20 percent higher than projected in our 2021 budget forecast.”

The financial report also shows the government spending over 170 billion dollars on initiatives like health care, education and infrastructure.