Peter Bethlenfalvy

Peter Bethlenfalvy manages Ontario's roughly $200 billion budget — the largest subnational government balance sheet in Canada — with a former investment banker's attention to credit ratings and borrowing costs. Ontario's fiscal credibility with rating agencies has been maintained through his tenure. The US tariff threat is Ontario's biggest fiscal risk. The province's auto and manufacturing sectors are more exposed to American trade disruption than any other province, and fiscal planning under that uncertainty requires stress-testing scenarios that don't have clean answers. His background helps here. The auditor general's criticisms about accounting choices are legitimate accountability flags. A finance minister who chooses accounting treatments that make the fiscal picture look better than it is should be noted.