Toronto Mayor John Tory claims that if the provincial and federal governments don’t intervene right away with financial commitments, the city may experience “unprecedented” tax increases and “extreme” service cuts.
Tory claims that the city needs those commitments by the end of the month in a letter dated Wednesday addressed to Premier Doug Ford and Federal Finance Minister Chrystia Freeland.
He Says Toronto Is Facing at $ 815 Million Operating Budget Deficit This Year, Which He Said Is Directly Related To The Covid-19 Pandemic.
Tory Says The City Could Face Budget Pressures of Nearly $ 1. 5 Billion Next Year Before Accounting for Any Property Tax Increased or Funding Commitments From The Other Orders of Government.
I’ve noted that since 2020, the provincial and federal governments have given The City a total of more than $3 billion.
However, Tory cautioned that without additional support, the city might also be forced to make cuts to its capital budget, which he claims could “eliminate thousands of jobs” and “thread” the city’s economic recovery.
Without financial assistance, Tory warns that Toronto could experience “extreme” service cuts and tax increases.
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