MPs accuse feds of hiding overspending in delayed financial disclosure
Federal officials have denied accusations of delaying the release of Public Accounts to obscure a significant overspending of the 2023 budget.
Blacklock’s Reporter says the Commons public accounts committee heard MPs accuse the Prime Minister and cabinet of misleading Canadians about the country’s finances.
“I want to assure the committee we always endeavour to table the Public Accounts at the earliest opportunity,” said Comptroller General Annie Boudreau.
“There were several significant transactions.”
The Public Accounts revealed the government overshot its 2023 deficit target by 55%, with the shortfall ballooning from $40 billion to $61.9 billion.
Debt charges have risen so steeply that Parliament now spends more on interest payments than on health care or national defence.
The documents were tabled at the latest possible time, in the final hours of Parliament’s last 2024 sitting. Boudreau dismissed claims of a deliberate delay, saying, “One of my responsibilities is providing leadership in financial management.”
Conservative MP Kelly McCauley (Edmonton West) argued the delay seemed intentional, calling it “the latest tabling of Public Accounts in history.”
When asked if political pressure influenced the timing, Boudreau responded, “The answer is no,” attributing the delay to the complexity of “a lot of big transactions this year.”
The federal delay contrasted starkly with most provinces, which release their financial records earlier in the year. Alberta discloses its accounts as early as June, while provinces like British Columbia, Manitoba, and Ontario publish them by September.
McCauley accused the government of stalling to avoid scrutiny. “I believe the government delayed the Public Accounts so that when we asked what the deficit was in November, they did not have to tell the truth,” he said.
“Apparently, you can lie about it. The accounting numbers don’t change, but you can say somehow that down is up and left is right.”
McCauley pointed out that publicly traded companies on the Toronto Stock Exchange must release their accounts within 30 days of the fiscal year-end or risk being de-listed.
“If the Government of Canada was on the TSX, we would be de-listed,” he remarked.
He further criticized the timing, saying MPs were asked to approve new spending without knowing the state of federal finances.
“It almost looks like it was done to cover up the fact that we ended up with a $61.9 billion deficit last fiscal year,” McCauley said.
A September report from the Budget Office emphasized the importance of timely publication of Public Accounts for transparency and accountability.