Kathleen Wynne and the Ontario Liberals have a problem with the accounting methods of the Auditor General.
On Monday, the government released Ontario’s annual report and unaudited consolidated financial statements, showing Ontario’s deficit is $3.5 billion lower than the $8.5 billion projected in the 2015 Budget.
However, AG Bonnie Lysyk has taken issue with the Liberals pension asset accounting and contests that the Ontario Public Service Employees Union Pension Plan and the Ontario Teachers’ Pension Plan should not be on the province’s balance sheet.
With that, Lysyk and the Ontario government have a $1.5 billion variance in each others final numbers for 2015-16.
The Liberals calculations included the pension plans since rules have allowed their inclusion for the past 14 years. The addition gives the government a planned surplus and a $3.5 billion deficit.
However, by the Auditor General’s numbers it’s more like $5 billion.
The dispute with the auditor is the reason for the late disclosure of public accounts, which were to be revealed on September 27th. Normally, documents are tabled 180 days after the end of the fiscal year.
New: Auditor General "disappointed" Lib govt went ahead with releasing public accounting. Says her office wasn't informed. #onpoli
— Alan Carter (@ACarterglobal) October 3, 2016