FORD GOVERNMENT PICKS ACCOUNTING GIANT TO AUDIT MUNICIPAL FINANCES
Jul 26, 2023
By Bob Komsic
Ernst & Young has been chosen to audit the finances of six municipalities as part of its ongoing effort to build 1.5-million homes by 2031.
It’ll examine the books of the City of Toronto, Mississauga, Brampton, Caledon, Peel Region and Newmarket.
The first phase of the audits is expected to be done near the end of this year.
The government says these audits will help provide a ”clear” and ”shared understanding” of the impacts of changes to development-related fees and charges included in the province’s ”More Homes Built Faster” Act.
The fees on affordable housing units are being dropped and charges eliminated on non-profit housing.
Development charges are typically levied by municipalities on new homes to pay for the cost of infrastructure including roads, water and wastewater facilities.
A provincial task force found these charges are a significant part of why housing prices have risen in many parts of Ontario, concluding they could create ”a disincentive to build housing that is more affordable.”