Ontario Releases 2017-18 Public Accounts and Findings of the Independent Financial Commission of Inquiry

#2017-2018PublicAccounts;  #Ontario'sIndependentFinancialCommissionofInquiry; #VicFedeli; #PeterBethlenfalvy; #Ontario'sAuditorGeneral

Toronto, Sep 21 (Canadian-Media): 2017-2018 Public Accounts along with the full report of Ontario's Independent Financial Commission of Inquiry was released today by Ontario Minister of Finance Vic Fedeli and President of the Treasury Board Peter Bethlenfalvy, media reports said.

The findings of the Commission revealed that the Public Accounts in Ontario ran a $3.7 billion deficit in 2017-18.

"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."

Vic Fedeli. Image credit: Facebook page

It was also confirmed by the Commission that earlier findings from Ontario's Auditor General's report states that the previous government left Ontario with a $15 billion deficit.

"Collectively, the Independent Financial Commission of Inquiry, the release of the 2017-18 Public Accounts, and the line-by-line review leave no stone unturned," said Bethlenfalvy. "We are getting to the bottom of the previous government's record of waste and mismanagement.The work ahead will be difficult, but the proper management of public finances is a moral imperative that can no longer be ignored."

​The ministers confirmed that first time in three years a clean opinion on the 2017-2018 Public Accounts has been provided by Ontario's Auditor General. 

(Reporting by Asha Bajaj)