The province has announced the Independent Financial Commission of Inquiry has found previous government left Ontario with a $15 billion deficit, not $6.7 billion as the Liberals projected.
The Public Accounts show that, contrary to the previous government's claims of a balanced budget, Ontario actually ran a $3.7 billion deficit in 2017-2018.
Additionally, the Commission confirmed earlier findings from Ontario's Auditor General that the previous government's budget numbers were "not a reasonable presentation of Ontario's finances."
The ministers confirmed Ontario's Auditor General has provided a clean opinion on the 2017-2018 Public Accounts, the first time in three years she has been able to do so.
"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," said Ontario Minister of Finance Vic Fedeli. "This is why we are so quick to accept the Commission of Inquiry's recommendations and work, in good faith, with the Auditor General on solutions."
Fedeli did not provide details as to how the commission arrived at that number in his speech this morning to the Economic Club in Toronto.
