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ecsider
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:wtf: I tell ya, fuzzy accounting as usual.....
Sorbara admits Tories balanced Ontario's books
Canadian Press
TORONTO — Ontario's defeated Tory government did balance the books this past fiscal year, Finance Minister Greg Sorbara admitted Thursday.
Sorbara had said a day earlier that a final accounting would show 2002-03 ended up in the red to the tune of hundreds of millions of dollars despite boasts by the Tories of a $524-million surplus.
"I double-checked my information and I wasn't entirely accurate," Sorbara said in an interview.
While the projected excess has "shrunk very significantly," there is likely still "a small surplus, not a deficit," he said, adding the books have yet to be closed on the year.
Final financial numbers for the fiscal year that ended this past March 31 are expected in a few weeks as the Finance Ministry puts the definitive tallies to revenues and expenses.
Sorbara said he would have more to say on the reason for the shrinking surplus when he presents the public accounts in the legislature, likely toward the end of the month or early next month.
Sorbara's initial comments prompted scorn from Tory Leader Ernie Eves, who accused the Liberals of inventing "Creative Accounting 101."
The issue of Tory budgeting has been a hot topic since former auditor Erik Peters revealed recently the province faces a shortfall of $5.6 billion for the current fiscal year, which ends March 31, 2004.
Peters' assessment came after months of denials from the defeated government that it was running a deficit.
Eves, who was premier when the Tories brought down their budget in March, said SARS, the big blackout and an economic downturn did throw the initial projections out of whack.
However, he said Peters' projection was heavily inflated and that a re-elected Tory government would have balanced the books. The Liberals were manipulating the numbers for political gain, Eves said.
The poor fiscal outlook for this year has prompted the new Liberal government to break an election promise to keep an electricity price cap in place until 2006 and warn that other pledges will be delayed.
Sorbara said he will likely present an economic statement within in the next few weeks.
"It's a new government, different economic priorities, and a different economic environment than we had anticipated," he said.
Sorbara admits Tories balanced Ontario's books
Canadian Press
TORONTO — Ontario's defeated Tory government did balance the books this past fiscal year, Finance Minister Greg Sorbara admitted Thursday.
Sorbara had said a day earlier that a final accounting would show 2002-03 ended up in the red to the tune of hundreds of millions of dollars despite boasts by the Tories of a $524-million surplus.
"I double-checked my information and I wasn't entirely accurate," Sorbara said in an interview.
While the projected excess has "shrunk very significantly," there is likely still "a small surplus, not a deficit," he said, adding the books have yet to be closed on the year.
Final financial numbers for the fiscal year that ended this past March 31 are expected in a few weeks as the Finance Ministry puts the definitive tallies to revenues and expenses.
Sorbara said he would have more to say on the reason for the shrinking surplus when he presents the public accounts in the legislature, likely toward the end of the month or early next month.
Sorbara's initial comments prompted scorn from Tory Leader Ernie Eves, who accused the Liberals of inventing "Creative Accounting 101."
The issue of Tory budgeting has been a hot topic since former auditor Erik Peters revealed recently the province faces a shortfall of $5.6 billion for the current fiscal year, which ends March 31, 2004.
Peters' assessment came after months of denials from the defeated government that it was running a deficit.
Eves, who was premier when the Tories brought down their budget in March, said SARS, the big blackout and an economic downturn did throw the initial projections out of whack.
However, he said Peters' projection was heavily inflated and that a re-elected Tory government would have balanced the books. The Liberals were manipulating the numbers for political gain, Eves said.
The poor fiscal outlook for this year has prompted the new Liberal government to break an election promise to keep an electricity price cap in place until 2006 and warn that other pledges will be delayed.
Sorbara said he will likely present an economic statement within in the next few weeks.
"It's a new government, different economic priorities, and a different economic environment than we had anticipated," he said.
