Toronto faces dwindling budget surplus: Report

Toronto City Hall (QMI Agency file photo)

Toronto City Hall (QMI Agency file photo)

Don Peat, Toronto Sun

, Last Updated: 11:06 AM ET

Toronto council’s number crunchers aren’t betting on a big budget surplus this year.

An update on the 2014 operating budget goes to the budget committee on Wednesday and it predicts a year-end net surplus of $1.2 million. By contrast, the final surplus in 2010 — the year when Mayor Rob Ford swept into office — was $367 million.

Budget Chief Frank Di Giorgio said he’s not alarmed by the small surplus prediction.

“My gut feeling is that is a very conservative projection at this point in time,” Di Giorgio said Friday. “My anticipation would be that (the surplus) would be in the neighbourhood of about $150 million.”

It’s predicted that this year’s budget will be whittled away as the city contends with declining court services revenue and a predicted $8 million budget shortfall at the TTC.

The report notes there was a 47% drop in the volume of tickets being issued by Toronto Police and other city enforcement agencies in the first five months of this year compared to the same period in 2013. By the end of the year, staff predict a net revenue loss of $27 million.


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