To cover the $454-million shortfall in 2022 the city will dip into its reserves, says deputy mayor Jennifer McKelvie
Speaking with reporters Wednesday, Jennifer McKelvie said she was disappointed the federal government didn’t meet the city’s request for funding to cover what it says are pandemic-related costs and lost revenue. Ms. McKelvie had urged Ottawa to cover $235-million, one-third of a 2022 shortfall related to increased transit and shelter costs, as well as $423-million for this year.
Toronto council now intends to make up last year’s shortfall by redirecting $300-million from paused capital projects and taking $154-million from its reserve fund of about $1-billion. Ms. McKelvie warned that without support, there will be a significant crunch on the city’s finances in 2024 that could lead to increased property taxes and rapid cuts to services as the city grapples with minimal revenue tools and continued increased costs from the COVID-19 pandemic.
When asked to respond to Toronto’s concerns, Finance Minister Chrystia Freeland’s office sent a transcribed segment of the minister’s interview on CBC Radio’sIn the interview, Ms. Freeland defended her government’s support for Toronto, pointing to about $1-billion in previous funding through the Safe Restart Program to help the city address COVID-19 challenges, and suggested it was up to the province, not Ottawa, to step in with help for the city.
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