Financial Accountability Office warns of continued budget deficits in Ontario

TORONTO – Ontario’s government spending watchdog warns there is “significant risk” the Liberals will not eliminate a $4.3 billion deficit next year, but Finance Minister Charles Sousa insists the books will be balanced as promised.In his fall economic statement Nov. 14, Sousa announced he would dip into the reserve fund to ensure a balanced budget in 2017-18, in part because of an accounting change in the way pension liabilities are calculated.“We’re balancing next year and we’re balancing the year after that,” Sousa said Monday. “We’re much more aggressive in our assumptions, and while the FAO is estimating that impact (from the accounting change) will be $1.5 billion a year, we said it would be $2.2 billion and $3.7 billion.”

Source: Financial Accountability Office warns of continued budget deficits in Ontario – Canadian Business – Your Source For Business News