Toronto city staff is about to release recommendations on the budget process to be put before a spending committee.

It’s been widely speculated that there will be in an increase in property taxes this year, and a rather hefty one at that.

Budget Manager Shelley Carroll and the City Manager are going through the books, which includes a budget deficit of about $1.5 billion dollars, much of which is being attributed to the fall-out from the COVID-19 pandemic. Some estimates now peg the shortfall at $1.8 billion dollars.

The provincial government has already agreed to help the city with a portion of the budget shortfall… but only if the federal government steps in to match… which as of now, it has not.

The budget meeting will be held on Wednesday at City Hall.

It/s expected to be a six-week consultation process… before going to City Council for a vote in mid-February.