Established by the Financial Accountability Officer Act, 2013 (the Act), the Financial Accountability Office (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.
The FAO produces independent analysis on the initiative of the Financial Accountability Officer. Upon request from a member or committee of the Assembly, the Officer may also direct the FAO to undertake research to estimate the financial costs or financial benefits to the Province of any bill or other proposal over which the Legislature has jurisdiction.
The Financial Accountability Officer is an officer of the Assembly, selected with the approval of a panel composed of one member from each party recognized in the Legislative Assembly. The Officer holds office for a term of five years and may be reappointed for one further term of five years.
Peter Weltman was appointed Ontario’s second Financial Accountability Officer on May 7, 2018.
The FAO’s initial Two-Year Operating Plan for 2015-16 and 2016-17 provides an overview of the principles that guide our organization, as well our objectives. The FAO is also required by the Act to provide an annual report to the Speaker of the Legislative Assembly of Ontario by July 31st of each year.