Liberals “Stashed” Funds To Hide Massive Deficit: Independent Report

Commissioned Report Says Provincial Deficit Actually Closer to $15 Billion

This might be one of the reasons why the liberal party isn’t really a party anymore.

An independent financial review of the liberal party’s books found the party fudged the numbers when talking about the deficit, claiming some money that wasn’t actually the province’s was added to the bottom line. This means, according to the review, the province will run a $15 billion deficit this year, instead of the just over $6 billion the liberals promised.

Barrie-Springwater-Oro MPP and Financial Parliamentary Assistant Doug Downey says this wasn’t an accident either.

“It’s definitely intentional. The Auditor General used words “conceal”, “bogus”, “deceptive.” Those are strong words coming from an Auditor.”

Downey says his government will learn from mistakes of the past

“We need to use that as a baseline, and bring greater transparency to what’s happening.”

Ontario Finance Minister Vic Fedelli presented the findings of this Commission at a breakfast meeting of the Economic Club of Canada at a downtown Toronto hotel; he says the Liberals “stashed” expenses off the books, and claimed Teacher and Civil Service pension plan money on its bottom line.

“Only when the Government of Ontario truly accounts for its real deficit position can we begin to put the province back on a path to balanced fiscal sustainability.”

He went on to say Ontarians will have to make sacrificies as the PC Government strives to balance the budget. He did not indicate how long that would take.