Our Mandate

Financial Accountability Officer

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.

Jeffrey Novak assumed the role of Acting Financial Accountability Officer on May 7, 2023.

Jeffrey joined the Financial Accountability Office in November 2015. Prior to joining the FAO, Jeffrey held senior economic and managerial positions with the Ontario Public Service (OPS), including at the Treasury Board Secretariat, the Ministry of Finance and the Ministry of Research and Innovation. Jeffrey has extensive experience with provincial budget planning, fiscal policy analysis and expenditure management and reporting. Before joining the OPS, Jeffrey practiced law in the financial services group of a national law firm.

Jeffrey holds a Master of Arts in Economics from Queen's University, and a Juris Doctor (Law) and Master of Arts in History from the University of Toronto.

Vision Statement:

The trusted source for independent analysis of Ontario’s finances and trends in the provincial economy.

How we work

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.

Click to read our FAO Annual Reports here.

This report summarizes the FAO’s work in 2022-23 in support of its mandate to provide all MPPs of the Legislative Assembly with independent, authoritative and timely information on the Province’s finances and the provincial economy.