TORONTO, March 27, 2012 /CNW/ - The Certified Management Accountants of Ontario (CMA Ontario) applauds the Government of Ontario for maintaining its focus on achieving a balanced budget by moving forward on the recommendations in the Drummond Report.
"We're confident that the recommendations put forward in the Drummond Report will be implemented alongside today's budget," says Merv Hillier, FCMA, MBA, C. Dir., CMC, President and Chief Executive Officer of CMA Ontario. "CMA Ontario has encouraged the government to reduce the provincial deficit for a number of years. A focus on balancing the budget will go a long way to improving Ontario's economic recovery and setting the stage for future prosperity," says Hillier.
CMA Ontario members are supportive of the government's action to address the deficit and meet the targets it set for 2017-2018. This budget will ensure that program spending will be reduced by $17.7 billion over the next three years, and for every dollar in new revenue there will be four dollars in savings and cost containment measures. Ontario faces difficult choices in this budget, and these short-term steps are necessary to ensure longer term success.
While the government has shown a desire to achieve more efficient public sector pension asset management, CMA Ontario encourages them to extend a similar focus to the private sector.
The Province's cost-cutting and public service transformation measures, balanced carefully with investment, will spur innovation and economic prosperity and maintain Ontario's competitive advantage. "The government has a unique window of opportunity to make some substantive changes in the delivery of government services and we are pleased that they are moving in that direction," says Hillier. "Ontario's long-term sustainability, growth and prosperity are dependent upon these changes," says Hillier.
The proposed transformation of public services will ensure more efficient and effective delivery models and provide the government an opportunity to lead by example and demonstrate to all Ontarians how efficiencies can be achieved while continuing to celebrate successes and seizing future opportunities.
The Certified Management Accountants of Ontario is a self-governing professional organization that awards the Certified Management Accountant (CMA) designation to qualified candidates in Ontario. With some 25,000 members, CMA Ontario is an integral part of a profession that is 50,000 members strong across Canada and around the world. CMA Ontario maintains rigorous standards of accreditation and professionalism in management accounting to protect the public interest.
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