Toronto’s next mayor will inherit an expected budget shortfall of nearly $50-billion over the next decade – and no clear way to fix it.
The city is already expected to be short $1-billion in its operating budget this year, as it continues to contend with pandemic-related losses, largely owing to a drop in transit revenues. To balance its books, Toronto has been putting off maintenance and infrastructure spending, dipping into reserve funds and relying on higher levels of government to bail it out.
Cripes, we are toast.
