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RSS FeedsOntario´s deficit balloons to $15 billion due to Liberals´ `reckless´ spending, finance minister says
(The Star Travel)

 
 

22 september 2018 03:09:04

 
Ontario´s deficit balloons to $15 billion due to Liberals´ `reckless´ spending, finance minister says
(The Star Travel)
 


Ontario must tackle a “sobering” $15-billion deficit this year, Finance Minister Vic Fedeli said Friday as the official Opposition branded the number “political theatre” paving the way for deep cuts to services.Fedeli warned citizens to gird for “sacrifices” as Premier Doug Ford’s Progressive Conservatives take steps to balance a budget left in a shambles by a “reckless” Liberal government defeated in the June 7 election.“The task ahead is not an easy one,” the former mayor of North Bay told a breakfast meeting of the Economic Club of Canada at a downtown Toronto hotel.While the previous Kathleen Wynne administration pledged to run a deficit of $6.7 billion this year, the new number is more than twice that.This is mainly because of the accounting Fedeli said was improperly used to include teacher and civil service pension plan surpluses — over which the province has no claim — as assets. Auditor general Bonnie Lysyk had refused to sign off on the province’s financial statements for two years because of this, saying the Liberal government needed to abide by new public sector accounting standards.She credited the Ford administration with agreeing to the change and certified the books as “clean” in a statement issued Friday.Read more:Ontario finance minister expected to embrace accounting change that almost doubles the deficitFord government sets up online ‘suggestion box’ on how to cut spendingThe move came despite a report from Fedeli’s hand-picked financial commission of inquiry, headed by former B.C. Liberal premier Gordon Campbell, stating the government should adopt Lysyk’s method on a “provisional basis” and continue negotiating with her.Observers noted Fedeli’s higher-than-expected deficit figure includes expanded daycare and other initiatives from Wynne’s ill-fated spring budget that the new Conservative government ...


 
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