Ontario Releases Pre-Election Report on Ontario's Finances
McGuinty Government Committed to Transparency and Accountability
The McGuinty government today released its 2011 Pre-Election Report on Ontario's Finances.
In keeping with the commitment to transparency in decision-making and accountability to Ontarians, the report provides detailed information about the province's fiscal plan and is subject to independent review by Ontario's Auditor General.
The 2011 Pre-Election Report on Ontario's Finances presents the McGuinty government's fiscal plan for the 2011-12 to 2013-14 fiscal years, consistent with the 2011 Ontario Budget presented on March 29, 2011. The report also provides information on:
- the macroeconomic forecasts and assumptions that were used to prepare the fiscal plan set out in the 2011 Ontario Budget;
- an estimate of Ontario's revenues and expenses, including estimates of the major components of revenues and expenses as set out in the plan;
- details of the reserve included in the plan;
- the ratio of provincial debt to Ontario's gross domestic product; and
- an update on relevant events that happened after the budget was finalized.
The Auditor General is expected to release the results of his review to the public in June.
- The McGuinty government introduced the Fiscal Transparency and Accountability Act, which passed in 2004. The act requires the Ministry of Finance to prepare and release a Pre-Election Report and that the report be reviewed by the Auditor General in advance of an election.
- Ontario is the only jurisdiction in Canada that releases pre-election reports on the state of its finances.
“I am pleased to release the 2011 Pre-Election Report on Ontario's Finances to Ontarians and to the Auditor General for his review. The report shows how the McGuinty government is renewing its focus on eliminating the deficit while protecting education and health care. Ontario's economy is turning the corner and creating jobs.”