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RCO





Joined: 02 Mar 2009
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Location: Ontario

PostPosted: Fri Sep 21, 2018 8:23 am    Post subject: Ontario Budget deficit actually $15 billion Reply with quote

( no surprise turns out the budget deficit was actually way bigger than the liberals were telling us , wynne wouldn't of tried to lie in a desperate attempt to get re elected ? would she ? )



Mike Crawley‏Verified account @CBCQueensPark


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BREAKING: Finance Minister Vic Fedeli says the projected deficit being left behind by the Liberals in 2018-19 is actually $15 billion. “The hole is deep and it will require everyone to make sacrifices without exception,” says his speech
RCO





Joined: 02 Mar 2009
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PostPosted: Fri Sep 21, 2018 8:24 am    Post subject: Reply with quote

Breaking

Wynne's Liberals left $15B deficit, $8B more than reported in last budget, Fedeli says




Finance Minister Vic Fedeli announced findings of independent probe into accounting practices


CBC News · Posted: Sep 21, 2018 4:00 AM ET | Last Updated: 10 minutes ago





Finance Minister Vic Fedeli said Friday that the PC government would return the province to balance. (Nathan Denette/Canadian Press)


103 comments


Ontario's new finance minister says the previous Liberal government has saddled the province with a $15 billion deficit this year, more than $8 billion larger than indicated in the budget this spring.

Finance Minister Vic Fedeli announced the figure on Friday morning in revealing the results of an independent inquiry into accounting practices under the Liberals.


"The hole is deep and it will require everyone to make sacrifices without exception," said Fedeli in the text of a speech delivered to a business audience in downtown Toronto.


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 surrounding a pair of teacher pension plans and the province's Fair Hydro Plan.

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 Conservatives have also commissioned a line-by-line audit of government spending, which is expected to be finished in the coming weeks.

More to come.


https://www.cbc.ca/news/canada/toronto/ontario-independent-commission-accounting-practices-1.4831323
RCO





Joined: 02 Mar 2009
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PostPosted: Wed Sep 26, 2018 7:32 am    Post subject: Reply with quote

( one has to wonder how did spending increase by 55 % , when you had the same government buildings , schools etc around the province . why did it cost the liberals 55 % more to run the provincial government , where did all this money go to ?

I think a lot went to building renovations and salary increases . it seems like everywhere they spent money renovating buildings and everyone who worked in them got some sort of raise.

know in Midland Ontario there building a new high school but its not your average high school , there even using fancy wood beams to decorate the inside to appeal to the area's first nations heritage but seriously the province is broke just build a basic school without the fancy costly add on's )



Spending soared 55% over last 15 years of Liberals, report


Antonella Artuso
Antonella Artuso

More from Antonella Artuso



Published:
September 25, 2018


Updated:
September 25, 2018 4:33 PM EDT


Filed Under:

Toronto SUN ›
News ›
Ontario ›


The Ontario government under two Liberal premiers increased spending by 55% and grew the debt by 87% in just 15 years, a report commissioned by the Doug Ford government has found.

Ernst & Young Canada was asked to review the province’s spending with an eye to finding efficiencies equivalent to four cents on the dollar.

The report found that operating expenditures under the previous Liberal government rose by $46.4 billion or 55% over a span of 15 years, $2,226 per Ontario resident.

Had the previous government kept spending increases to the rate of population growth, it would have spent $331 billion less, the report says.

“An amount, ironically, almost identical to the current debt burden of around $338 billion,” said Ontario Treasury Board President Peter Bethlenfalvy, who released the report Tuesday.


In what it called “a striking finding,” the report’s number crunchers found that spending directly on the Ontario Public Service remained relatively flat but dollars going out the door to arms-length transfer partners in the broader public sector grew by $46.3 billion.

For instance, spending on K-12 education has grown by 1.7% – more than 10% of the provincial government’s operating expenditures are spent on teachers and teachers’ assistants – even as student enrolment has declined by 0.5%.

The Liberal caucus said it stands behind its record.

“For 15 years our Liberal party kept the cost of government administration down and increased spending in health care and education to meet the needs of all Ontarians,” the caucus statement said. “The Ford government (has) put together a package of financial reports, reviews and inquiries in order to justify cuts.”

NDP MPP Sara Singh said the EY review shows the government is committed to making deep cuts.

“We’re not sure where those cuts are going to be whether they’re going to be healthcare or education but I think they’re really setting the stage to make those cuts,” Singh said.

Bethlenfalvy said he is looks favourably on an EY recommendation for more centralized procurement to save money.

There were two recommendations that the Minister did not immediately adopt or dismiss, saying it would take weeks or months to develop a plan of action to reduce overall spending.

The auditors said the government should reconsider the universality of all programs, raising the possibility of user fees based on income for services that the public now gets at no cost.

The report also calls on the government to evaluate all its business enterprises to “monetize operating assets.”

The auditors note that the previous government was able to sell off the LCBO headquarters to generate $260 million – a move that the Tories support.

However, a similar recommendation led to the highly controversial decision by the Kathleen Wynne government to sell off a large stake of Hydro One.

Bethlenfalvy denied this report was a prelude to massive job reductions in the public sector.

“I think the Premier has been pretty clear that this is not about job cuts,” he said.

Public servants could find the type of work they do changing, he said.

The report says efforts to find efficiencies should focus on modernization, but the government needs better data on how its money is spent through transfer partners like hospitals and school boards.

The data is rarely available in a way that allows comparative analysis, the report says.

“No private sector business would operate under such conditions and neither should the Ontario government,” the EY report says.

The report calls for a “digital first” approach to delivering services to citizens, shared back office expenses, the implementation of robotic process automation and lean management systems where appropriate, and full cost recovery of transactional services such as civil court-related fees.

The underground economy should be targeted aggressively, and the government needs to rethink whether its many tax credits to businesses are achieving job creation and economic growth goals, the auditors say.

Bethlenfalvy said the 48-page document came in on time and under the $500,000 budget, but wouldn’t specify exactly how much was spent on it.

If it came in close under budget, that works out to roughly $10,000 a page.

Still, one source said that the timeline of six weeks was too tight and the budget far too small to produce a true in depth line-by-line picture of 15 years of spending by a government that planned ta $152.5 billion budget in 2018-19 alone.

The Ford government has also commissioned a Financial Commission of Inquiry report that concluded the provincial deficit this year is $15 billion, not the $6.7 billion stated in the Liberals’ spring budget.


https://torontosun.com/news/provincial/spending-soared-55-over-last-15-years-of-liberals-report
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Ontario Budget deficit actually $15 billion

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