Ontario is planning to establish a Financial Accountability Officer to provide independent analysis of the province’s finances, budgets, and economic prospects.
The provincial government announced today that it will introduce legislation to establish a Financial Accountability Officer as an independent officer of the legislative assembly.
If the legislation is passed, the new official would provide independent analysis to all MPPs about the state of the province’s finances, the provincial budget, and trends in the provincial and national economies. Additionally, they could be called upon to carry out other types of research, including cost-benefit analysis of any bill, or area where the legislature has jurisdiction, such as the establishment of a new program.
The government says that the officer would be selected by an all-party panel, chaired by the speaker of the assembly who would not vote on the appointment. And, they would be expected to produce an annual report by July 31 each year.
“We are proposing the creation of a Financial Accountability Officer to further enhance the openness and transparency of government,” said Charles Sousa, Ontario’s finance minister.
“The work undertaken by this independent officer will help better inform the House on possible financial impacts of a proposed bill and increase information available to Ontarians,” he said.