Municipal Audits

Ontario has selected a third party to audit the finances of six municipalities as part of its ongoing work to build 1.5 million homes by 2031. Following a competitive procurement process, Ernst & Young LLP has been retained to examine the finances of the City of Toronto, Peel Region, Mississauga, Caledon, Brampton, and Newmarket. The first phase of the audits is expected to conclude around the end of 2023.

The audits will help provide a clear and shared understanding of the impacts of changes to development-related fees and charges included in the More Homes Built Faster Act. In response to recommendations from the Housing Affordability Task Force, and to make housing available to people who need it most, Ontario is eliminating development-related charges on affordable housing units and has also eliminated charges on non-profit housing units. Development charges for family-friendly purpose-built rentals were also reduced by up to 25 per cent, in order to spur the construction of this much-needed type of housing. Development charges can continue to be levied on most market housing. The impacts of these changes will be a central area of focus for the audits.

News Releases;

EN: https://news.ontario.ca/en/release/1003323/ontario-begins-audit-of-municipal-finances

FR: https://news.ontario.ca/fr/release/1003323/lontario-entame-la-verification-des-finances-des-municipalites