CFN The Auditor General signed off on the Ontario Electricity Financial Corporation’s books — confirming that Tim Hudak isn’t telling the truth when he says that old PC stranded debt from Ontario Hydro are now paid off, Liberal Candidate Mark A. MacDonald announced today.“The Hudak PCs are not being honest about their unfunded promises and that means families in Stormont – Dundas – South – Glengarry would be left on the hook under their reckless plan,” MacDonald said.
Hudak’s promise would cost taxpayers $500 million per year that he has not accounted for. Over the next four years, that’s $2 billion dollars. This is just one part of the $14 billion hole in the PC platform that will lead to deep cuts in our hospitals and schools.
Let’s remember why we have a Debt Retirement Charge. The last PC government chose to add this charge to the electric bills of Ontario families and businesses following their failed scheme to privatize the electricity sector.
Even the PCs — when they created the debt retirement charge — projected it would take until 2019 for the debt retirement charge to be removed.
Hudak’s promise to remove the DRC is a shell game that risks taking Ontario backwards. “The Ontario Liberals are the only people with a positive plan to keep our economy strong,” said MacDonald.
One civil servant signing off on the books in order to justify a continuing tax isn’t relevant.
The DRC was established to pay off the ‘residual stranded debt’, which is not a figure that is contained in the OEFC annual report. What is contained in that report is the ‘unfunded liability’, of which the residual stranded debt was one portion.
Essentially, the portion that would show as paid if it was in the reports.
The Auditor General is just one civil servant?
And that’s why the country is in trouble. The con-cons don’t recognized any authority except their own.
Deduction: If you are in a position of authority then you must be a Conservative. No wonder theres so much belly-ache-ing going on!
Reg – my comments were based on the 2010 annual report – not realizing the 2011 annual report just came out. But, if the country is in trouble, it’s because too many Canadians don’t take 10 minutes to read a short financial statement which would clearly indicate the DRC, and the ‘residual stranded debt’, don’t exist in them. If you want to know why that is, and how the 2011 report abandons civil servant political impartiality, click on my name – or do your own research.
Uh, over 8 BILLION dollars has been paid via the debt charge and a few months ago Mr McGuinty said it would be staying untill 2018, even though it is paid for. That is 1 billion plus about 80 million more in HST on it each year folks.
” I won;t lower your taxes, but won’t raise them either” who would ever make a statement like that?
Why are we paying the debt recovery?
Reg and Jamie you are both business men, if you mess up your business do you think tax payers could be held responsible?
The whole thing is a gross mistake.
There is an additional option of the Conservatives trying to eliminate certain aspects of a crown corporation. It would not be an entirely bad idea.