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TORONTO Toronto’s proposed budget for 2021 relies on nearly $900 million in assumed funding from other levels of government as the city’s finances continue to be ravaged by the COVID-19 pandemic. Staff say that they embarked upon this year’s budget process facing a staggering $2.2 billion shortfall but were able to reduce that number after finding $573 million in efficiencies, including tens of millions of dollars from freezing the salaries of non-unionized employees. They say that the remaining $1.6 billion in financial pressures related to the pandemic can be offset through $740 million in Safe Restart funding that has already been secured and another $856 million in assumed funding that the city hopes to receive from other levels of government in 2021. ....
Published Thursday, January 14, 2021 11:12AM EST Last Updated Thursday, January 14, 2021 3:55PM EST Toronto’s proposed budget for 2021 relies on nearly $900 million in assumed funding from other levels of government as the city’s finances continue to be ravaged by the COVID-19 pandemic. Staff say that they embarked upon this year’s budget process facing a staggering $2.2 billion shortfall but were able to reduce that number after finding $573 million in efficiencies, including tens of millions of dollars from freezing the salaries of non-unionized employees. They say that the remaining $1.6 billion in financial pressures related to the pandemic can be offset through $740 million in Safe Restart funding that has already been secured and another $856 million in assumed funding that the city hopes to receive from other levels of government in 2021. ....
A week before the launch of a city budget that councillors are calling an “unprecedented fiscal challenge,” a new Toronto home sales report is offering a glimmer of hope of the land transfer tax that can be reaped from the boom. ....
Political Blind Date – City Finances Two politicians with opposing points of view try to get to know each other in each episode of this six-part series. Whether cycling around the city, or trying to rent a flat in Toronto’s red-hot housing market, the two subjects are brought together to tackle Canada’s most important issues face-to-face through in-depth conversations. Provincial funding cuts have forced the City of Toronto to make some hard choices about its budget shortfall. Budget Chief Gary Crawford believes in finding efficiencies, but City Councillor Shelley Carroll believes that new revenue tools are needed. Latest Episodes ....