Advertisement

Ontario’s unspent pandemic reserves grew to $12 billion by end of September: FAO

Click to play video: 'Ontario rolls out COVID-19 vaccine delivery plan'
Ontario rolls out COVID-19 vaccine delivery plan
WATCH ABOVE: (Dec. 7) The Ontario government intends to roll out the distribution of COVID-19 vaccines in three phases. Shallima Maharaj explains. – Dec 7, 2020

Ontario’s fiscal watchdog says the province had $12 billion in unspent reserve funds by the end of September.

The Financial Accountability Officer says in a report Tuesday that the money was earmarked for three contingency funds, including two related to pandemic spending.

The FAO says the $12 billion is $2.7 billion more than his office said the government had unspent in reserves by Aug 26.

The Ontario budget says that if the money remains unspent in the reserves by the end of the fiscal year it will be used to reduce the deficit and provincial debt.

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

The government has been criticized by opposition politicians for sitting on billions in reserve funds, which they say it has been slow to spend during the pandemic.

Story continues below advertisement

Premier Doug Ford’s office says the provincial budget delivered last month shows that 80 per cent of the reserve funds have been allocated.

Sponsored content

AdChoices