Our Mandate

Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office (FAO) provides independent analysis on the state of the Province's finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario.

Financial Accountability Officer

The Financial Accountability Officer is an Officer of the Legislative Assembly of Ontario. The Financial Accountability Officer holds office for a term of five years and may be reappointed for one further term of five years. 

Jeffrey Novak was appointed by Order of the Legislative Assembly as the province's Financial Accountability Officer effective November 3, 2023.  

Jeffrey joined the Financial Accountability Office in November 2015 and previously served as the FAO's Chief Financial Analyst and Deputy Officer. Prior to that, Jeffrey held senior positions in the Ontario Public Service (OPS), including at the Treasury Board Secretariat, the Ministry of Finance, and the Ministry of Research and Innovation. Jeffrey has extensive experience with provincial budget planning, fiscal policy analysis and expenditure management and reporting. Before joining the OPS, Jeffrey practiced law with the national law firm Osler, Hoskin & Harcourt. Jeffrey holds a Master of Arts in Economics from Queen's University, and a Juris Doctor (Law) and Master of Arts in History from the University of Toronto. 

Vision Statement:

The trusted source for independent analysis of Ontario’s finances and trends in the provincial economy.

How we work

The FAO produces independent analysis on the initiative of the Financial Accountability Officer. Upon request from a member or committee of the Assembly, the Officer may also direct the FAO to undertake research to estimate the financial costs or financial benefits to the Province of any bill or other proposal over which the Legislature has jurisdiction.

2022-23 Annual Report

This report summarizes the FAO’s work in 2022-23 in support of its mandate to provide all MPPs of the Legislative Assembly with independent, authoritative and timely information on the Province’s finances and the provincial economy.