The Ontario government says it has selected an auditor to comb over the finances of Toronto and several other municipalities, and the first phase is expected to be complete by the end of the year.
Ontario government says it has selected an auditor to comb over the finances of Toronto and several other municipalities“Following a competitive procurement process, Ernst & Young LLP has been retained to examine the finances of the City of Toronto, Peel Region, Mississauga, Caledon, Brampton, and Newmarket,” the province said in a news release Wednesday.
However, municipalities have said that the revenue loss will be substantial. Former mayor John Tory described the move as a threat to Toronto’s finances, with city staff estimating that it could cost around $200 million a year in lost revenue. A city staff report also found that it could ironically slow the pace of development by making it more difficult for the city to pay for municipal improvements needed to support development.
“This next step in the audit process is a critical part of our work to rein in the soaring cost of housing across Ontario, particularly when it comes to affordable, non-profit and family-friendly purpose-built rental housing,” Minister of Municipal Affairs and Housing Steve Clark said in a statement.
The Ford government has framed a lack of housing in the province as an issue largely stemming from municipal red tape and fees.
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