Toronto’s executive committee meets in emergency session this afternoon after learning from city staff that Mayor John Tory’s signature transit proposal can’t be funded without a new source of revenue.

The province will cover slightly more than half of the nearly $7 billion price tag leaving Toronto on the hook for more than $2 billion.

The long-awaited staff report covers a host of transit projects but it specifically undercuts the Mayor’s pitch for SmartTrack and recommends that Toronto shoulder substantial new transit costs that had long been assumed would be paid for by the province.

The staff report says even the pared-down version of SmartTrack that the Mayor is now promoting will take years longer than promised.