Vic Fedeli says the previous government did not balance the budget as it reported: the province’s public account shows a $3.7 billion deficit in 2017-18
TORONTO — Ontario’s finance minister says an independent commission that probed the province’s books has found the government ran a multi-billion-dollar deficit in the last fiscal year.
In a speech to the Economic Club in Toronto — his first major address since becoming finance minister this summer — Vic Fedeli says the previous Liberal government did not balance the budget as it reported.
Fedeli says that with the commission’s findings factored in, the province’s public account shows a $3.7 billion deficit in 2017-18.
He further says the province will run a $15-billion deficit this fiscal year, not $6.7 billion as the Liberals projected. Fedeli did not provide details as to how the commission arrived at that number.