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cosmostein





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PostPosted: Tue May 29, 2012 10:43 am    Post subject: Toronto with $90-million YTD budget surplus Reply with quote
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The city spent about 10 per cent, or $70-million, less than expected in the first three months of this year, new numbers released on Monday show. That was mostly because of one-time savings in labour costs and higher-than-expected revenue from land transfer taxes. By the end of 2012, staff expect the surplus to grow to $90-million.

An estimated saving of $27.7-million achieved through new contracts with the city’s inside and outside workers and an increase in revenue from the TTC because of growing ridership also contributed to the windfall.

News of the surplus follows a year of budget wrangling that pitted Mayor Rob Ford with his pledge to “cut the gravy,” against his critics on council who accused him of dismantling valuable city services.


http://www.theglobeandmail.com.....le2445750/
cosmostein





Joined: 04 Oct 2006
Posts: 5816
Reputation: 185.7Reputation: 185.7
votes: 19
Location: The World
PostPosted: Tue May 29, 2012 10:49 am    Post subject: Reply with quote
I can hear Adam Vaughan and Kyle Rae crying from here...

Five years ago I though Toronto was beyond saving, the spending was out of control and the programs which wasted millions kept coming.

I felt it was impossible with even the most Conservative mayor that a City Council dominated by left of center politicians could ever get their financial house in order without a massive dump of incumbents,

However here we are.

It makes one thing very clear, Toronto had a spending problem not a revenue problem,
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Toronto with $90-million YTD budget surplus
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