By Shawn Jeffords
THE CANADIAN PRESS
TORONTO – Ontario's finance minister will be providing an update on the state of the province's books this morning.
Vic Fedeli will be speaking to the Economic Club in Toronto, his first major address since becoming finance minister this summer.
His speech is expected to include details on the findings of an independent commission that probed the former Liberal government's spending.
The Progressive Conservative government announced the independent inquiry in July and tasked it with probing the Liberal regime's accounting methods surrounding a pair of teacher pension plans and the province's Fair Hydro Plan.
Those accounting practices had led to a two-year fight with Ontario's auditor general, who said in April that the Liberals understated their deficits by billions.
Bonnie Lysyk suggested that the $6.7-billion deficit projected by the Liberals for 2018-2019 would be $11.7 billion instead, and the projected $6.5 billion for 2020-2021 would actually be $12.5 billion.
The Conservatives have also commissioned a line-by-line audit of government spending, which is expected to be finished in the coming weeks.
Fedeli told reporters Thursday he and Premier Doug Ford have reviewed the commission's work and will be focusing on restoring trust in the province's finances.
“I'll be serving a dose of reality ... at breakfast,” Fedeli said of the speech. “You'll hear the current state of financial affairs.”
Earlier in the week, Ford hinted that Ontarians would be “floored” when they heard the extend of the province's financial situation.
Fedeli said he'd let taxpayers make up their own minds when the government releases the report in full, but would not confirm when that will be.
“The facts will be the facts,” he said.
On Thursday, NDP Leader Andrea Horwath said her party will be watching Fedeli's speech closely.
“I believe (it's) the evidence the government is going to use to cut and privatize public services,” she said.
Interim Liberal Leader John Fraser said he believes Fedeli's speech will not reflect the strong economy left to the Tories by the previous government.
“I believe that the government's agenda is to cut,” he said. “I think that's always been their agenda.”