February 5, 2009
Investing in Ontario Act, 2008: Update on what municipalities need to know
The provincial government has provided Ontario municipalities with $1.1 billion in additional funding to support infrastructure investments through the Investing in Ontario Act, 2008.
Consistent with the provisions required under the province’s transfer payment directive, municipalities are subject to accountability requirements regarding their handling of payments received under the act for the 2007-08 fiscal year including:
- Report-backs on how the funds were used
- The right of the province to independent verification or audit, and
- The right of the province to recover funds if they are not used for capital purposes.
The government is now requesting report-backs on your municipality’s planned use of these funds.