TORONTO – Ontario’s auditor general is not satisfied after an expert panel sided with the Liberal government in a $10.7-billion accounting dispute.
The auditor and the government disagree over whether a $10.7-billion surplus in two jointly sponsored pension plans should appear as an asset on the government’s books.
Auditor general Bonnie Lysyk says that because the government doesn’t have the right to unilaterally access that surplus, it shouldn’t count as an asset.
Get daily National news
READ MORE: Panel sides with Ontario in AG pension spat; means $10.7B is left off net debt
But an expert panel this week said that it is an asset because it has a future economic benefit, since the government could reduce contributions and would therefore have additional funds to spend elsewhere.
- 2 Saskatchewan research farms to stay open as province enters MOU with Ottawa
- How Canada helped in past U.S. wildfires as Ford says some are ‘chirping’
- Nenshi seeks Calgary seat in next election as Estabrooks vies for Edmonton-Strathcona
- Ontario MPP and sport minister announces retirement from politics
But Lysyk says in order for her to issue a clean audit opinion, she wants to see a letter from the unions representing workers covered by the plans saying the province can use that money.
The government says joint pension agreements already spell out how surpluses are to be handled and no additional letter is needed.
Comments
Want to discuss? Please read our Commenting Policy first.