TORONTO, July 29, 2026 – Today, Ontario’s Financial Accountability Officer, Jeffrey Novak, released his 2025-26 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 2025-26, the FAO provided forecasts of Ontario’s economy and financial position, quarterly information on the latest trends in Ontario’s economy and government spending, and overviews of the Province’s credit rating, labour market and spending trends. The FAO also released examinations of provincial subsidized housing programs and the potential impacts of US tariffs on Ontario’s economy, as well as five reports that reviewed the 2025 Ontario Budget spending plans for the health sector; the Ministry of Education; the Ministry of Colleges, Universities, Research Excellence and Security; the Ministry of Children, Community and Social Services; and infrastructure.
To better serve Members of Provincial Parliament (MPPs), the FAO introduced two new series in 2025-26: an overview and analysis of the Ontario Budget and a review of the FAO’s forecast accuracy. Based on feedback received from MPPs, the FAO also enhanced its interactive Examining Ontario’s Expenditure Estimates webpage.
The FAO is proud to support 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 MPPs, 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 2025-26, the FAO produced 21 reports, up from 14 reports in the prior year.
- The FAO received 11 research requests from MPPs in 2025-26, up from seven requests in 2024-25.
- Of the Legislative Assembly’s eight Standing Committees, five referenced the FAO’s work in 2025-26.
- The FAO’s most popular report released in 2025-26, as measured by website views and downloads, was Ontario’s Labour Market in 2024.
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 l SZhu@fao-on.org l fao-on.org