Torontonians will soon learn whether city council plans to move forward with proposed new revenue tools that will help the city start to plug a more than billion-dollar hole in its budget caused, in large part, by the COVID-19 pandemic.
The revenue tools, which were unanimously supported by Mayor Olivia Chow’s executive committee last month, are one of the big ticket items on the agenda at this week’s meeting, which begins Wednesday.
Beyond the immediate financial pressures faced by the municipality, Toronto’s city manager has warned that the city will see an expected budget shortfall of nearly $50-billion over the next 10 years. Referencing the report on the city’s long-term financial strategy, Chow said there are two aspects to the plan.
She said those discussions involve revenue tools outside the scope of what the city can implement, including a sales tax and gas tax.
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