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Part E: Budget Consultation and Key Terms

Part E: Budget Consultation and Key Terms. Budget Consultations. As part of the budgeting process, the government consults with citizens, stakeholders, opposition parties and external advisors to get their views and recommendations about the province’s expenditures and revenues.

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Part E: Budget Consultation and Key Terms

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  1. Part E: Budget Consultation and Key Terms

  2. Budget Consultations As part of the budgeting process, the government consults with citizens, stakeholders, opposition parties and external advisors to get their views and recommendations about the province’s expenditures and revenues.

  3. Pre-Budget Consultations The Ontario Minister of Finance hosted pre-budget consultations with citizens and stakeholders through in-person meetings and virtual town halls to hear what Ontarians’ views were regarding the upcoming budget. The Minister of Finance also accepted written submissions from individuals or groups.

  4. Stakeholders The government has many stakeholders. A stakeholder is a person, group or organization that has a vested interest in the actions, policies and funding of an organization (or government). Some examples include the Ontario Teachers’ Federation and the Registered Nurses Association of Ontario.

  5. Political Parties The Finance Minister meets with his own caucus, as well as opposition parties to listen to their views about spending priorities and the needs of Ontarians. The Opposition parties usually have a Finance Critic who is responsible for voicing the party’s fiscal policy suggestions.

  6. External Advisors • In the spring of 2011, the Ontario government established the Commission on the Reform of Ontario’s Public Services to determine cost-saving measures and ways to improve efficiency across all provincial sectors and eliminate the provincial deficit by 2017-2018. • This Commission was headed by an external consultant, economist Don Drummond. • The “Drummond” report was released on February 15 and details 362 recommendations.

  7. What is a fiscal policy? When a government adjusts its revenue and/or spending in order to influence the economy, this is called a fiscal policy.

  8. Types of Fiscal Policy Stimulus: ‘Government spending’, typically investment in infrastructure, which creates jobs and aims to boost the economy. Austerity: ‘Government cost-cutting’ which include strict measures to limit spending and minimize the deficit.

  9. It’s Your Turn! The Ontario Student Budget Consultation will consult with young people across Ontario about the budgeting values and spending priorities. This is the first time young people have advised the government on the budget.

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