ON Issue 31 - Auditor General says Wynne gov't creating complexity to hide costs of Hydro

[mosquito]

Auditor General Says Provincial Government Plans to Obscure the Financial

Impact of Electricity Rate Cuts

http://www.auditor.on.ca/en/content/...ml28aw.twitter
In a Special Report, the Auditor General says the government created an unnecessary, complex financing structure to keep the true financial impact of most of its 25% electricity-rate reduction off the Province’s books—a decision that could cost Ontarians up to $4 billion more than necessary in interest costs over the next 30 years.

The Province is proposing to use accounting thatdoes not follow its own policy for preparing financial
statements under independently set Canadian Public Sector Accounting Standards. This hides the real
financial impact of the government’s electricity rate reduction from Ontarians by understating future annual
deficits and net debt.