AUDIT: TORONTO'S 'AMBITIOUS' CAPITAL PLAN 'UNAFFORDABLE'

Dec 11, 2019

By Bob Komsic

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Given current revenues, the city of Toronto could be looking at a $3-billion shortfall the next three years as a result of a capital plan that the city will have a difficult time paying for.
That’s one of the findings of an independent review that’s going before the city’s executive committee today.
The review was done in the spring after the province agreed to pay for financial audits for municipalities upset over the Ford government’s funding cuts.
The review states ”the significant finding here, is that under current circumstances and assumptions–including maintenance of current service levels–the city’s capital plan is unaffordable.”
The audit, which outlines a number of potential savings, says ”transformational efforts to change the way the city operates” will be the only way to financial sustainability the next three years.
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