ANTOINE HAROUN : Member (Part-Time) 15-Oct-2020 - 14-Oct-2022: OAKVILLE 4. The Committee considers the issues below to be of particular importance. It was explained that any potential conflict would be identified by the ongoing reporting that is required, and it would be acknowledged or addressed by the ministry. This online substitute should list all the entities which consolidate into the Province’s financial statements and electronically link their respective financial statements. The second was that the Province adopt the Auditor General’s proposed accounting treatment for the global adjustment refinancing (a major component of the Fair Hydro Plan). The Committee asked about the Province’s plans to address the debt burden and the potential consequences of not addressing the debt. Here are the government appointments that have been made to provincial agencies and other entities in the past 30 days. The Office of the Provincial Controller Division (OPCD) should continue to print or provide an online substitute for the financial statements previously available in Volume 2 of the Public Accounts of Ontario and have this information accessible online simultaneously with the annual tabling of the Public Accounts. The Committee heard while the Commission provided guidance on the valuation of the net pension assets, it did not provide direction on the inclusion of the IESO market accounts. The Treasury Board Secretariat stated the Province’s consolidated financial statements are prepared in accordance with Canadian PSAS. The Auditor General noted that in this context, the term “legislated accounting treatments” refers to situations where a government passes Acts or Regulations for the use of accounting which is contrary to Canadian Public Sector Accounting Standards (PSAS). The IESO explained that a lot in the external environment has changed, and cited the decision of the government to fund the Fair Hydro Plan from the tax base (as opposed to the rate base). Public Accounts of Canada. However, the Budget does provide an interim fiscal outlook, which is based on the best information available at the time of the Budget. The Office indicated it faced atypical pushback on audit inquiries from the IESO Board, such as refusals to provide the Office with written acknowledgement of the IESO’s roles and responsibilities or a management representation letter confirming that the IESO shared all of the information that may affect its financial statements. The Public Accounts of Ontario 2019–20 - Schedule of Debt. The decision of the current government was to properly reflect this fact in its accounting treatment of the on-going, annual financial impact from the Fair Hydro Plan. The Ministry of Finance explained that it works with credit rating agencies, which consider a broad range of factors when determining a credit score, including economic fundamentals, institutional framework, and financial performance. The Ministry of Finance noted the borrowing for the Fair Hydro Plan was $2.4 billion in 2018/19. Treasury Board representatives explained that the 2017/18 public accounts reflect the Auditor General’s 2017 Annual Report recommendations regarding the net pension assets valuation and accounting treatment of the Fair Hydro Plan. More than 200,000 Ontario businesses, or 94 per cent, will see a … Broader Public Sector Cyber Security Expert Panel; 1. reversed the use of rate-regulated accounting in connection with certain balances. An optional survey will open in a new tab. The first was that the Province adopt the Auditor General’s proposed accounting treatment for any net pension assets of the Ontario Teachers’ Pension Plan (OTPP) and Ontario Public Service Employees’ Union Pension Plan (OPSEUPP). Includes the audited consolidated financial statements of the Government of Canada and information from departments, agencies, Crown corporations and other reporting entities. As noted earlier, the Auditor’s Office estimated Ontario’s net debt will increase by $69.4 billion over the next three years, increasing the net debt-to-GDP ratio to 42.1% (from approximately 39.0% in 2017/18). The Auditor’s Office expressed continued concern about the Province’s growing debt burden without a debt plan in place, and estimated that Ontario’s total debt may increase to $384.4 billion in 2020/21. The Auditor General indicated to the Committee that because Fair Hydro decisions were made directly by the former government and that no independent regulator ruled on the impact to rates, the transaction itself would properly, under PSAS, have a tax base impact. : 416-325-3883 42_1PAC_Public Accounts of the Province_EN.pdf, Ontario Legislature Internship Programme (OLIP), Opposition Day debates and want of confidence motions, Eligibility requirements and selection criteria, Model Parliament for High School Students, Past Winners - Speaker's Award for Youth Writers, Early postcards of the Legislative Building, Art à la Carte - Celebrating Ontario Artists, 2020-Feb-18 Public Accounts of the Province Standing Committee on Public Accounts. , I found this page helpful. b. allow the Office of the Auditor General of Ontario to reject the proposed selection of external auditing firms hired to perform financial statement audits on agencies and crown corporations which are consolidated into the Province’s financial statements, and those that provide accounting advice to  government ministries or agencies and crown corporations. There is no Ontario Quarterly Finances for the fourth quarter of the fiscal year, as the consolidated financial statements are presented in the Public Accounts. Public Accounts of Canada 2019. The TBS stated it has made a number of significant recommendations and commentary on documents that would amend the standards over the past year, including new standards implementations coming into force in 2020/21 pertaining to the financial instrument standards. The Province should formally document, publicly communicate, and then implement the long-term debt reduction strategy. Representatives said this will support proactive notification and consultation with the Auditor’s Office when ministries, consolidated agencies, and crown-controlled corporations propose to engage an external advisor for accounting advice. We're sorry but Ontario Newsroom doesn't work properly without JavaScript enabled. Treasury Board Secretariat should communicate to ministries, agencies, and crown corporations that any external auditing firm that audits the financial statements of a ministry, agency or crown corporation which consolidate into the Province’s financial statements, and which is deemed material by the Office of the Auditor General of Ontario, shall not provide accounting advice or accounting advisory services for the ministry that the agency or crown corporation reports to, or to Treasury Board Secretariat, or to other ministries, agencies or crown corporations that may be involved in a related party transaction. The 2020 budget lowers rates for the Business Education Tax (BET), a property tax earmarked for public education. Further, the TBS said it has implemented instructions across the government to collect information related to the contracting of external accounting advisors. For example, this year we committed to invest a total of $18 billion in the hospital sector. The annual OTB entitlement is usually divided by 12 and the payments issued monthly. Treasury Board stated these changes were instrumental for the Auditor’s unqualified audit opinion on the 2017/18 public accounts. 99 Wellesley Street West Room 1405, Whitney Block Queen's Park Toronto, ON M7A 1A2. Public Accounts of Canada. The IESO stated it is committed to open communication with the Auditor’s Office and understands the requirement to consult with the Auditor. The IESO also made changes to how its financial statements are presented and to correct the discount rate used to value the IESO’s non-registered pension and other post-employment benefit plans. However, the Budget does provide an interim fiscal outlook, which is based on the best information available at the time of the Budget. In particular, representatives highlighted two of the Commission’s recommendations. These are standard letters required for each audit under the Canadian Auditing Standards. comm-publicaccounts@ola.org. The Auditor’s Office again raised concerns about the risk of the government’s potential use of legislated accounting treatments (similar to previous, The Treasury Board Secretariat stated the Province’s consolidated financial statements are prepared in accordance with Canadian PSAS. The report expressed concern about the consequences of high indebtedness without a debt plan in place considering debt-servicing costs cutting into funding for other programs, greater vulnerability to interest-rate increases, and potential credit-rating downgrades, which could lead to higher borrowing costs. The Province should amend Ontario Regulation 395/11 in the. The Committee expressed concern that for the year 2018/19 Volume 2 of the Public Accounts of Ontario is no longer available in print nor are the financial statements consolidated online. The Auditor’s Office again raised concerns about the risk of the government’s potential use of legislated accounting treatments (similar to previous Annual Reports). Treasury Board explained that the Province subsequently decided to remove the IESO market accounts from the public accounts. Algonquin College Of Applied Arts And Technology - Board Of Governors, Broader Public Sector Cyber Security Expert Panel, Confederation College Of Applied Arts And Technology - Board Of Governors, Durham College Of Applied Arts And Technology - Board Of Governors, Financial Services Regulatory Authority Of Ontario, Independent Electricity System Operator (Ieso), Loyalist College Of Applied Arts And Technology - Board Of Governors, Metropolitan Toronto Convention Centre Corporation, Ontario Infrastructure And Lands Corporation (Infrastructure Ontario), Social Benefits Tribunal (Tribunals Ontario), University Of Ontario Institute Of Technology Board Of Governors.

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