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It says these projections are based on weaker revenue growth and the Wynne government’s rejection of “the Auditor General of Ontario’s recommended accounting treatment for both the government’s Fair Hydro Plan and the net pension assets of jointly-sponsored pension plans.”

Defying the auditor general, the Wynne government hired what it described as an expert panel, which endorsed its pension accounting.

It also denied Lysyk’s finding its financing of the Fair Hydro Plan to reduce electricity rates by 25% is an accounting trick.

Lysyk said this will cost Ontarians $39.4 billion, including $4 billion extra in interest payments, because the Liberals are transferring the debt to Ontario Power Generation to keep it off the province’s books.

FAO chief economist David West said Monday in releasing the FAO’s report which backed Lysyk that: “The government is out borrowing this money. This current year they’re going to borrow $23 billion in the markets. That’s going to rise to $45 billion in the coming years.”

The FAO said the Fair Hydro Plan will add $3.2 billion to the deficit by 2021-22.

It also said the Wynne government’s rejection of Lysyk’s recommended accounting measures means, “it is becoming more difficult for legislators and the public to assess the government’s fiscal projections” which “has reduced the transparency and reliability of Ontario’s fiscal plan.”

In other words, the Liberals’ budgeting can’t be trusted.