Ontario Releases 2018-19 Public Accounts
Ontario Government delivers on its commitment to transparency and accountability
Today, Ontario's government released the 2018-19 Public Accounts, reinforcing the government's ongoing work to restore sustainability to the province's finances.
Tabled annually, the Public Accounts provide a retrospective look at the government's fiscal performance over the previous year. For the second year in a row Bonnie Lysyk, Ontario's Auditor General, issued a clean audit opinion on the government's books.
"Through prudent fiscal planning, our government has put Ontario back on a path to balance while restoring transparency and accountability to the province's finances," said Peter Bethlenfalvy, President of the Treasury Board. "Our government's strong fiscal management and smart policies mean we are overcoming the previous government's record of waste and mismanagement. While we've made good progress, there is more work to be done."
Due to higher than anticipated revenues reflecting strong business profits, a growing job market, higher consumer consumption and lower than expected expenses, the 2018-19 deficit fell from a high of $15 billion as projected by the Independent Financial Commission of Inquiry to $7.4 billion.
"Our government inherited a significant fiscal challenge. Today's results demonstrate that our plan to put Ontario's finances back on track and foster a strong economic climate is working," said Rod Phillips, Minister of Finance. "Thanks to higher than anticipated revenue and lower expenses, we have successfully reduced the deficit for the 2018-19 fiscal year."
By making historic investments in healthcare and education, while modernizing program and service delivery, the government continues to deliver on its commitment to spend taxpayer dollars smarter and focus on what matters most to the people of Ontario.
"Our plan to restore the fiscal health of the province is working, and we will continue to look for ways to spend smarter and maximize every tax dollar," said Bethlenfalvy. "The release of the 2018-19 Public Accounts of Ontario demonstrates the hard work that has been done to date to restore the province's finances while directing spending to the services Ontarians rely on every day."
- The Public Accounts present the government’s financial statements and show how finances were managed over the last fiscal year.
- Treasury Board Secretariat prepares the Public Accounts in accordance with independently established standards set out by the Public Sector Accounting Board. Ontario’s Auditor General audits the Public Accounts against these standards.
- After auditing the Public Accounts, the Auditor General provides an opinion on whether the financial position and results are presented fairly, in all material respects, in accordance with the Canadian Public Sector accounting standards.
- This is the first Public Accounts tabled since the Fiscal Sustainability, Transparency and Accountability Act was passed to help support transparent and timely reporting to the public.