The F-35 audit

The "Next Generation Fighter Capability Annual Update" is here. The first CP dispatch from the official briefing is here.

A long-awaited KPMG report on the F-35 purchase says National Defence did not build a big enough financial cushion into the plan. It says the $9 billion the department set aside may not be enough to pay for the planned 65 jets.

The report says uncertainties in the oft-delayed program could force the air force to cut the number of planes to 55 — or force the Conservatives to up the purchase amount by between $1.5 billion and $2.5 billion. The Conservatives have said the $9 billion figure is carved in stone.

The terms of reference for the "evaluation of options" is here. A status report on the seven-point plan is here. And the official announcement of all this is here.