Ontario auditor general sounds alarm over province’s growing debt – $325-billion by 2018
TORONTO — Ontario’s auditor general is sounding the alarm about the province’s ballooning debt in her annual report, warning that it continues to grow faster than the province’s economy.
In her 600-page annual report released Tuesday, Bonnie Lysyk cautioned that despite Ontario’s work to eliminate its deficit, the province’s rising net debt — the difference between its liabilities and its total assets — could have a number of negative implications for its finances in the future.
Ontario’s majority Liberal government has pledged to eliminate its $12.5-billion deficit by 2017-18. But by that year, the province’s net debt will have soared to $325 billion — more than double the $156.6 billion a decade ago, Lysyk’s report estimated.
Public-private financing cost Ontario taxpayers $8 billion, auditor says
The Liberal government’s addiction to public-private partnerships — including the questionable MaRS “bailout” — cost taxpayers an extra $8 billion at a time when Ontario has a crippling debt load.
That’s the verdict in Tuesday’s scathing 595-page annual report from auditor general Bonnie Lysyk, who projects the debt will reach $325 billion or $23,000 for every man, woman and child in the province by 2017-18.
h/t Ontario John