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RCO





Joined: 02 Mar 2009
Posts: 8671
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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
Posts: 8671
Reputation: 288.6
votes: 3
Location: Ontario

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
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Ontario Budget deficit actually $15 billion

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