Sat. Feb 24th, 2024

Toronto: a hole budget, despite the provincial agreement

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Toronto Mayor Olivia Chow admits that the new pact financial agreement concluded with the province does not completely resolve the financial problems of the Queen City.


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Toronto Mayor Olivia Chow anticipates a shortfall of $600 million to $700 million for the city's budget next year, even with the new financial pact announced by the province.

Ontario Premier Doug Ford unveiled the three-year, $1.2 billion deal with great fanfare Monday during a briefing joint press release with Mayor Chow.

The latter described the agreement as a good first step, emphasizing that the province agrees, among other things, to take supporting the Gardiner and Don Valley Highways (DVP).

In an interview with CBC Tuesday morning, she admitted, however, that the provincial agreement only fills about 60% of the anticipated budget hole of 1.5 billion for the x27;next year.

We are in the process of doing calculations, she said, without giving details on what the City will do to balance the 2024 budget. This year, Toronto had to draw hundreds of millions from its reserves.

For his part, City Manager Paul Johnson calls the provincial agreement a big leap for Toronto's finances.

He adds that discussions will continue between now and 2025 with the province to obtain more funding. He hopes that the federal government will also loosen the purse strings.

With information from CBC News

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