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Wynne's Liberals left $15B deficit, $8B more than reported in last budget, Fedeli says
Fedeli also released the public accounts for the past year, showing the actual spending and revenue for 2017-18. It shows a deficit of $3.7 billion, rather than the balanced budget projected by the Liberals' then-minister of finance, Charles Sousa.
"We will return to a balanced budget on a timetable that is reasonable, modest, and pragmatic, but we will return balance to Ontario's books," said Fedeli.
The Progressive Conservative government announced the independent inquiry in July and tasked it with probing the Liberal regime's accounting methods.
Those accounting practices had led to a two-year fight with Ontario's auditor general, who said in April that the Liberals understated their deficits by billions.
Ontario Auditor General Bonnie Lysyk accused the previous Liberal government of low-balling its 2018-19 budget deficit by $5 billion. (Christopher Katsarov/Canadian Press)
Bonnie Lysyk suggested that the $6.7-billion deficit projected by the Liberals for 2018-2019 would be $11.7 billion instead, and the projected $6.5 billion for 2020-2021 would actually be $12.5 billion.
The auditor said the Liberals failed to properly account for the two big-ticket budget items:
She added that the statements "can be relied on to fairly and accurately present Ontario's fiscal results" for the last fiscal year "in all material respects."
The Conservatives have also commissioned a line-by-line audit of government spending, which is expected to be finished in the coming weeks.
"Only when the Government of Ontario truly accounts for its real deficit position can we begin to put the province back on a path to balanced fiscal sustainability," said Fedeli.
"This is why we are so quick to accept the commission of inquiry's recommendations and work, in good faith, with the auditor general on solutions."
Speaking to reporters at Queen's Park on Thursday, NDP Leader Andrea Horwath said she's worried about what the Ford government will do with the findings.
"I believe all of these things are the evidence the government is going to use to cut and privatize public services." Horwath said.
Fedeli also released the public accounts for the past year, showing the actual spending and revenue for 2017-18. It shows a deficit of $3.7 billion, rather than the balanced budget projected by the Liberals' then-minister of finance, Charles Sousa.
"We will return to a balanced budget on a timetable that is reasonable, modest, and pragmatic, but we will return balance to Ontario's books," said Fedeli.
The Progressive Conservative government announced the independent inquiry in July and tasked it with probing the Liberal regime's accounting methods.
Those accounting practices had led to a two-year fight with Ontario's auditor general, who said in April that the Liberals understated their deficits by billions.
Bonnie Lysyk suggested that the $6.7-billion deficit projected by the Liberals for 2018-2019 would be $11.7 billion instead, and the projected $6.5 billion for 2020-2021 would actually be $12.5 billion.
The auditor said the Liberals failed to properly account for the two big-ticket budget items:
- The Fair Hydro Plan, long-term debt financing that is currently keeping hydro bills about 17 per cent lower than previously projected. The Liberals did not count the borrowing against the province's books, but put the financial burden on Ontario Power Generation. The auditor said a $2.4 billion annual cost was being hidden from the balance sheet.
- Two provincial pension funds, which the Wynne government counted as assets. The result, said the auditor, was understating this year's deficit by about $2.6 billion.
She added that the statements "can be relied on to fairly and accurately present Ontario's fiscal results" for the last fiscal year "in all material respects."
The Conservatives have also commissioned a line-by-line audit of government spending, which is expected to be finished in the coming weeks.
"Only when the Government of Ontario truly accounts for its real deficit position can we begin to put the province back on a path to balanced fiscal sustainability," said Fedeli.
"This is why we are so quick to accept the commission of inquiry's recommendations and work, in good faith, with the auditor general on solutions."
Speaking to reporters at Queen's Park on Thursday, NDP Leader Andrea Horwath said she's worried about what the Ford government will do with the findings.
"I believe all of these things are the evidence the government is going to use to cut and privatize public services." Horwath said.
