The 2007 Ontario budget will be tabled on Mar. 22, Finance Minister Greg Sorbara said Thursday.

It will be the last budget before the Ontario election, which is scheduled for Oct. 10.

"Our fourth budget will build on our plan to restore the province's financial health, while making investments in the areas that matter most to Ontarians," Sorbara said in a statement.

Sorbara estimated that this year the province will have a budget deficit of just under $1 billion after it dips into its reserve fund.

The Liberals have blamed the shortfall on the past year's economic slowdown.

With files from the Canadian Press