• The province has already taken steps to spread the cost of capital assets over their useful lives by implementing accrual accounting. Assets are paid for as they provide services rather than as they are built; a $100 million asset with a useful life of 40 years would be carried on the Province's books at $2.5 million per year for 40 years.
• Core public assets such as hospitals, schools and water systems will be publicly owned; all public assets will be under public control.
• The government is reviewing its existing assets to ensure they continue to serve the needs of the public. Any net proceeds from the sale of government assets will be invested in public infrastructure as a first priority.
• Starting with the 2005-06 Public Accounts and the subsequent 2007 Ontario Budget, the province's financial statements will incorporate the bottom-line financial results of some 105 school boards and school authorities, 24 colleges and 152 hospitals. As a result, the assets in these sectors will be capitalized and amortized, effectively spreading the cost of the assets over their useful lives on the province's books.