True State of Ontario's Finances Confirmed by Auditor General

    AG Releases his Review of the Government's Pre-Election Report

    TORONTO, June 18 /CNW/ - The McGuinty government's Pre-Election Report
provides an accurate and reliable representation of the province's fiscal
    According to the review, the Auditor General found the report to be "an
informative financial document that provides extensive information about
Ontario's expected future fiscal situation in a reasonably understandable
manner...[which] enhances the accountability and transparency of the
government's fiscal-planning process."
    "The reason we introduced the Fiscal Transparency and Accountability Act,
which included the Pre-Election Report, was to increase openness and
transparency, and we have done that," said Finance Minister Greg Sorbara. "The
release of the Auditor General's report now puts planning for all political
parties on the same footing. Before the last general provincial election, the
previous government's approach to balancing the budget was to count on phantom
revenues like asset sales which they knew would not materialize."
    The 2007 Pre-Election Report on Ontario's finances follows the
recommendations made by the former provincial auditor, Erik Peters, who
reviewed the fiscal outlook presented by the previous government on the eve of
the last general election in 2003. Peters noted then that rather than a
balanced budget, the province was facing a $5.6 billion deficit.
    "As expected, the Auditor General has confirmed the government's expense
and revenue estimates to be reasonable and that the assumptions are consistent
with the plans of the government," said Sorbara.
    The Auditor General's report also noted...the wisdom of the practice of
building a healthy dose of prudence into the budget revenue projections.
    "Ontarians expect their government to exercise prudence when it comes to
managing taxpayers' money," said Sorbara.
    The McGuinty government is the first in Canada to provide a Pre-Election
Report to its citizens. This report provides a description of the estimated
revenues and expenses of the current year and the next two years. The report
is provided in advance of the provincial election on October 10, 2007.
    The 2007 Pre-Election Report on Ontario's Finances is available online at

    Disponible en français

                 For more information visit

For further information:

For further information: Mike Arbour, Minister's Office, (416) 325-4138;
Scott Blodgett, Ministry of Finance, (416) 325-0324

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