Toronto could face ‘extreme’ service cuts, tax hikes without financial help, Tory says
Global News
Toronto Mayor John Tory says the city could face "unprecedented" tax hikes and "extreme" service cuts unless the provincial and federal governments step in.
Toronto Mayor John Tory says the city could face “unprecedented” tax hikes and “extreme” service cuts unless the provincial and federal governments step in with immediate financial commitments.
In a letter to Premier Doug Ford and federal Finance Minister Chrystia Freeland dated Wednesday, Tory says the city needs those commitments by the end of the month.
He says Toronto is facing a $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 increase or funding commitments from the other orders of government.
He notes the city has received upwards of a combined $3 billion from the provincial and federal governments since 2020.
But without more help, Tory warned the city could also face cuts to its capital budget, which he writes could “eliminate thousands of jobs” and “threaten” the city’s economic recovery.
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