QUEEN’S PARK – The Wynne Liberal government is artificially balancing the budget in an election year, before plunging the province back into deficit, Nipissing MPP and Finance Critic Vic Fedeli stated today.
Despite warnings by the Financial Accountability Officer (FAO), Minister Sousa has claimed Ontario will see a balanced budget in 2017-18 in today’s Fall Economic Statement.
In his latest report, the FAO indicated that the government would be unable to achieve a balanced budget as promised in 2017-18 and would instead have a budget deficit of $2.6 billion. The report states “Ontario’s budget would be expected to remain in deficit over the next five years.”
“They attempt to use distractions, but the facts remain – Ontario remains in a dire fiscal state and life remains unaffordable under this Liberal government,” said Fedeli.
In order to balance the budget in 2017-18, the Fall Economic Statement indicates the government has reduced its contingency reserve by $600 million is seeking another $800 million through the one-time sale of government assets. It was also confirmed the province’s net debt is set to rise by over $64 billion by 2020-21 to a record $370 billion and that Ontario will continue to be the largest sub-national borrower on the planet.
“The Wynne Liberals have no plan to get our books back on track that doesn’t involve higher taxes or hydro rates, more fire sales of government assets, or cuts to frontline services,” Fedeli added.
“Every failed policy decision the Wynne Liberals have made over the last 13 years has made life harder and more unaffordable for Ontarians. No Fall Economic Statement is going to change that,” Fedeli concluded.