Officials warn that Toronto is facing another massive shortfall next year and that a second COVID-19 wave would send the city’s finances into a new tailspin
Patrons at two establishments along College Street in Toronto sit at outdoor patios on July 20, 2020. The most recent figure put the city's 2020 budget shortfall at $1.9-billion, which was whittled down to $1.35-billion through cost-saving measures.
That relief came in this month, first with a promise of $19-billion in federal money to the provinces, a portion of which will flow to cities and towns. This week, Ontario pledged $2-billion for municipalities and transit to be matched by the federal government, some part of which would go to Toronto.
“We feel optimistic that the pressure for 2020 will be addressed,” Toronto chief financial officer Heather Taylor told city council Wednesday.
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