The last time the budget was balanced (by PCs in 2003), it was really balanced. That is, provincial debt did not go up year-over-year. 

This budget is not balanced, once all the capital spending that has been shuffled off-budget is included. Debt will increase by $12-13 billion dollars year-over-year. 

The credit rating agencies are fully aware of these tricks. From Standard and Poor's last credit rating downgrade in 2015: "The stable outlook reflects our expectation that, under our base-case scenario, Ontario will continue to make slow progress in reducing its after-capital deficit in the next two fiscal years..."

Note those words: "after-capital deficit." That's what counts. It's still at $12.2 billion, about the same as it's been for the last 8 years, especially when one-time "adjustments" are considered. 

And another thought: despite the lowest interest rates in our history, it still costs $11.4 billion to service the debt.