Ontario has spent approximately $766 million more than planned in the first quarter of this fiscal year, but the province's bottom line remains the same as nearly all of this new spending came from emergency funds.

The deficit forecast for the period 2023-24 remains at $1.3 billion as stipulated in the spring budget, according to the financial update released by Finance Minister Peter Bethlenfalvy on Monday.

Revenues and expenditures have not changed significantly from budget forecasts, although a detailed look at expenses identifies $766.6 million in spending on new programs.

About half of that is for the development of industrial land for large-scale manufacturing, with funds also allocated for police, flood protection in Toronto, affordable housing in Ottawa, and Ontario's wine sector.

The vast majority of the $766.6 million comes from the emergency fund, which the budget has set at $4 billion.

Ontario's financial oversight body criticized what it called unusually large emergency funds for this government, stating that this type of accounting is not transparent.