Ontario Finance Minister Dwight Duncan says the province will not cancel or scale back its all-day kindergarten program, regardless of what a spending report suggests later this week.

Duncan made the announcement during a speech at the Economic Club of Canada Monday afternoon, outlining a series of spending adjustments intended to battle Ontario's multibillion-dollar deficit.

The speech comes two days before TD Bank economist Don Drummond is scheduled to release a massive report detailing a solution to the province's $16-billion deficit.

CTV Toronto's Paul Bliss says the report will include 362 recommendations.

While Duncan said Drummond's report will suggest cancelling all-day kindergarten, the province will not do it.

Premier Dalton McGuinty considers the kindergarten program to be one of his crowning achievements, which the PCs and NDP both promoted similar programs in last year's provincial election.

Duncan did say the government would sell off a valuable plot of land on Toronto's waterfront that currently houses the LCBO headquarters.

The property on Queen's Quay, east of Yonge Street, could net Queen's Park more than $200 million.

Also announced was a plan to reconsider an annual $345 million horseracing subsidy.

Duncan also said that the province could sell off more of Service Ontario.

With files from CTV Toronto's Paul Bliss