The Toronto District School Board (TDSB) voted 13-7 on Wednesday night to accept help from the province after a sweeping report revealed a staggering level of debt and inefficiency.

The study by PricewaterhouseCoopers (PWC) found that the board underestimated its projected deficit for the 2013-2014 school year by more than $30 million.

The board estimated its debt at $30 million while PWC warned of a pending deficit of $62 million.

The study recommended selling off 10-15 under-utilized schools and cutting or outsourcing more than 700 jobs to help climb out of the red.

The study was requested by the TDSB and commissioned by the Ministry of Education.

The report also found evidence of “maverick” spending by staff on things like textbooks, hand sanitizer and stationery equipment and advised savings of between $50-92 million dollars by 2014-2015 to get its financial house in order.

After the report was made public, Minister of Education Laurel Broten offered the TDSB a special advisory team to help get spending under control. The Ministry will be advised of the vote result on Thursday and the two sides will proceed with a plan.