FAO RELEASES 2023-24 ANNUAL REPORT
TORONTO, July 31, 2024 – Today, the Financial Accountability Officer, Jeffrey Novak, released his 2023-24 Annual Report. This report summarizes the work of the Financial Accountability Office of Ontario (FAO) in support of its mandate to provide independent financial and economic analysis to the members and committees of the Legislative Assembly of Ontario.
In 2023-24, the FAO released 14 reports, including forecasts of Ontario’s economy and financial position, a spending plan review of the Ministries of Health and Long-Term Care, quarterly Expenditure Monitors that tracked in-year provincial spending and changes to program budgets, and a review of how provincial funding is allocated to Ontario’s 72 district school boards. The FAO also released three reports in 2023-24 that examined important economic trends in Ontario: Women in Ontario’s Labour Market, Labour Market Outcomes of Immigrants in Ontario and its Major Cities, and Ontario’s Labour Market in 2023.
The FAO is proud to support Members of Provincial Parliament (MPPs) and committees in their work by providing independent, authoritative, accessible and timely financial and economic analysis. As mandated by the Financial Accountability Officer Act, 2013, the FAO accepts requests from MPPs and committees to undertake research. In addition, the FAO offers briefings for interested committees, MPPs and staff; produces a quarterly newsletter that summarizes recently completed work and upcoming work in progress; and publicly posts all of its work on the FAO’s website and social media channels.
To learn more, read the full report here.
Quick Facts:
- In 2023-24, the FAO produced 14 reports, 13 briefing decks, 12 videos and one interactive map.
- The two most popular FAO reports released in 2023-24, as measured by website views, was Ontario Health Sector: 2023 Budget Spending Plan Review and Ontario School Boards: Enrolment, Finances and Student Outcomes. Both of these reports were undertaken as a result of research requests from MPPs.
- The FAO also released Costing Climate Change Impacts to Public Infrastructure (CIPI): Summary Report, another research request from an MPP and the final report of the CIPI project, which estimated the costs that climate change impacts could impose on Ontario’s provincial and municipal infrastructure.
About the FAO
Under the Financial Accountability Officer Act, 2013, the Financial Accountability Office of Ontario (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy, and related matters important to the Legislative Assembly of Ontario. Visit our website and follow us on X and LinkedIn.
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For further information, please contact:
Sophia Zhu l 416 931 5498 | SZhu@fao-on.org | fao-on.org
