The head of the Treasury Board says a new report that finds Ontario's operating expenses grew by 55% over 15 years is not a blueprint for cuts.
The review of the previous Liberal government's spending conducted by accounting firm E-Y Canada finds that interest payments on Ontario's current $331-billion debt are the fourth largest line item in the budget.
Treasury Board President Peter Bethlenfalvy says it's a "moral imperative" for the Progressive Conservative government to address the fiscal situation.
Ontario's Progressive Conservatives vowed to address the province's ballooning debt and deficit after a review of government finances found spending had grown dramatically under the previous Liberal regime.
EY's report highlighted that because of the $331-billion debt, a jump from the $158 billion in 2003 — the province now spends $12.6-billion a year on interest payments.
"Our government has set a clear goal for ourselves," said Bethlenfalvy. "We will return Ontario to balance on a timetable that is modest, reasonable, responsible and pragmatic."
The EY review noted that its ideas to improve the province's financial health weren't new, but suggested that some action was needed.
"In light of the evidence around expenditures and their disconnect from results and outcomes, it is clear that taking decisive action is the only way forward to put Ontario on a sustainable fiscal footing," it said.
The province also conducted online surveys where people could weigh in on how to make government programs more efficient.
NDP deputy leader Sara Singh said the review suggests the government is preparing to cut and privatize public assets.
"What the report is telling us, is this government is committed to making deep cuts," she said. "We're not sure where those cuts are going to be, whether they're going to be to health care or education but I think they're really setting the stage to make those cuts."
The results of the review were announced a day after Ford revealed plans for a special committee to dig further into the province's fiscal situation, while slamming his predecessor's handling of Ontario's books.
— with files from The Canadian Press