About the FAO
Established by 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.
Financial Accountability Officer
The Financial Accountability Officer is an Officer of the Legislative Assembly of Ontario. The Financial Accountability Officer holds office for a term of five years and may be reappointed for one further term of five years.
Jeffrey Novak was appointed by Order of the Legislative Assembly as Ontario's third Financial Accountability Officer effective November 3, 2023.
Jeffrey joined the Financial Accountability Office in November 2015 and previously served as the FAO's Chief Financial Analyst and Deputy Officer. Prior to that, Jeffrey held senior positions in 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 with the national law firm Osler, Hoskin & Harcourt. 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.
Mission Statement
To support the Legislative Assembly by providing members and committees with independent, authoritative, accessible and timely financial and economic analysis.
How we work
On the initiative of the Financial Accountability Officer, the FAO provides independent analysis to the Legislative Assembly about the state of Ontario’s finances, including the budget, and trends in the provincial and national economies. Upon request from a Member of Provincial Parliament (MPP) or committee of the Assembly, the Financial Accountability Officer may also direct the FAO to research:
- the Province’s finances and the economy;
- the Expenditure Estimates submitted to the Legislature; or
- the financial costs or financial benefits to the Province of any public bill or proposal, including any proposal made by the Government or any MPP.
To learn more about the work of the FAO, read our Annual Reports.
