Toronto is forecasting a budget deficit of roughly $915-million this year, which it plans to address by almost depleting its pandemic reserve fund if other levels of government don’t step in.
The city council’s executive committee is expected to discuss a series of budget-related reports Tuesday, the day before Olivia Chow takes office as Toronto’s new mayor. Ms. Chow, who won last month’s by-election to replace John Tory, will be inheriting a dire financial situation, mostly stemming from reduced transit revenues due to lower ridership and higher shelter costs for people experiencing homelessness during the pandemic.
It’s not going to get better.
