The Ontario deficit for the 2011-2012 fiscal year actually ended up at $13 billion down significantly from some early projections. This is important news that isn't getting a lot of play, probably because the deficit is still relatively massive. According to the Star article linked, the 2012-2013 deficit is predicted at $14.8 billion which would be larger than the preceding year.
It's a good question where exactly this fiscal year's budget will end up. The province is really starting to cut or freeze, although for the teachers, the freeze only starts this September, when the fiscal year starts significantly earlier. Where revenue ends up will be important and largely will depend on GDP growth this year for Ontario, which let's face it looks pretty tepid. High gas prices in recent weeks can't help much either if they continue.
If the budget deficit remains at $14.8 billion for this fiscal year despite various cuts and freezes, what happens to the province the next year? Even more freezes and cuts? I predict yes and for some years to come. The era of slow growth, especially per capita is here in Ontario (and has been here for a while) and the consequences are depressing.