TORONTO, Oct. 1 /CNW/ - While Ontario's economy remains strong, tough choices lay ahead for the government on the road to balancing the books and
making essential services sustainable for the future, Minister of Finance Greg Sorbara said today in his address to the Economic Club of Toronto.
"We need to be extremely disciplined as we continue to tackle the province's deficit, "Sorbara said. "We must live within our means by ensuring that the cost of programs and services are in line with revenues. We have a plan and we are sticking to it."
The first step in the government's plan to contain spending includes the flat-lining of 15 ministries' budgets and the commitment to keep average annual program spending increases under control. The second step is a detailed review of government programs and to ensure that real, measurable results are delivered in areas that matter most to Ontarians.
"To ensure we meet our fiscal challenge, I will be leading an in-depth review of government programs," Sorbara said. "Program review is a critical component to improving Ontario's finances and building a stronger, more prosperous economy."
The multi-year fiscal plan introduced in the 2004 Ontario Budget includes spending on programs and services during the first year to undo the damage
made under the previous administration. Investment went predominantly to health and education.
The government will balance the books by 2007-08 and will reduce the deficit in a controlled manner. Total revenue is projected to be $86 billion by 2007-08 while total expenses in the same fiscal year should be limited to $84.5 billion, with a reserve fund of $1.5 billion.

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