Ontario’s Auditor General says the Liberal government has created an unnecessary, complex, financing structure aimed at keeping the true impact of a 25 per cent cut in hydro rates off the province’s books.
In a special report released, Bonnie Lysyk says that would make the province’s budgets and future consolidated financial statements unreliable.
Lysyk adds the government’s method doesn’t even follow its own policies set by the Canadian Public Sector Accounting Standards.
She says there’s still time to correct it and is urging the province to do so.
The Financial Accountability Office revealed earlier the rate reduction would cost Ontario more than $39-billion dollars over the next 30 years which included $4-billion in interest costs.