Author Topic: Ontario Government of Doug Ford  (Read 10285 times)

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Offline Queefer Sutherland

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Re: Ontario Government of Doug Ford
« Reply #150 on: September 24, 2018, 08:28:43 pm »
PC Finance Minister says the decifit inherited by Kathleen Wynne is actually 15 billion dollars, instead of 6.7 billion claimed by Wynne:

Ontario’s new Progressive Conservative government is warning that sacrifices will have to be made after Finance Minister Vic Fedeli announced that a review of the province’s finances has found that the deficit has more than doubled to $15-billion this year.

In his first major address as the custodian of Ontario’s finances, Mr. Fedeli told a business crowd in downtown Toronto on Friday that because of significant accounting changes and an overly optimistic budget forecast from the outgoing Liberal government, the deficit has more than doubled from the anticipated $6.7-billion shortfall.

“The truth may not be much fun, but at least you know it’s the truth,” he said in a speech to the Economic Club of Canada. “The task ahead is not an easy one. The hole is deep and it will require everyone to make sacrifices without exception.”

The revised figure came from a commission of inquiry struck only weeks after the government took office and headed by former British Columbia premier Gordon Campbell.

Most of the increased deficit comes from a change long demanded by Ontario’s Auditor-General about how the province accounts for public pension plans and a program to reduce hydro rates. Mr. Fedeli said the Liberals feuded with Auditor-General Bonnie Lysyk and, as a way of artificially lowering the deficit, wouldn’t properly account for the pension and hydro expenses. Accounting for both on the government’s balance sheet added more than $5-billion to the annual shortfall and will continue to do so.
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