Toronto needs pledges of $815 million by Nov. 30 to balance the books for 2020, and another $1.4 billion to fill the budget gap for 2023.
Tory on Thursday released a letter to Ontario Premier Doug Ford and Deputy Prime Minister Chrystia Freeland saying, after months of discussions, he needs commitments for hundreds of millions of dollars in bailout funds by Nov. 30.
Canada’s biggest city is also staring at a $1.48-billion gap between revenues and expenses in its 2023 budget, to be passed in February, thanks to the pandemic “hangover” plus other factors, including rising interest rates and fuel costs. “The entirety of the amounts requested are as a direct result of the pandemic and the necessary measures taken to deal with the consequences of the pandemic.”such as roadwork and floodproofing while Tory lobbied other governments for help. This is the first time he has put a deadline on it, warning that further construction delays can’t happen when some sewer pipes are more than a century old.on Oct. 24 promising to keep the 2023 property tax hike below the rate of inflation.
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