The Globe And Mail

Toronto reports $188-million surplus for first half of 2012
The Globe And Mail

Toronto is running a $188-million surplus for the first six months of this year, a dramatic swing from the $774-million funding gap that was first projected for 2012.

The latest update on the operating budgeted was released Monday and shows increased revenues and underspending contributed to the increase of funds on hand. It estimates the city will end the year with about $115-million more than expected.

Among the many savings, a staff report finds the city had more than 1,800 unfilled positions at the end of June, about 3.5 per cent of its approved work force. Other savings included close to $3-million at the Toronto Public Library from this year’s labour disruption and $10.5-million at the TTC from lower fuel costs and reduced demand for its Wheel-Trans service.

On the revenue side, the city collected $41.7-million more than expected in land transfer tax in the first half of the year. Fees for building permits were close to 60 per cent higher than expected and planning application fees also were up, both because of higher volumes.

Mayor Rob Ford has made it clear he wants to hold next year’s residential tax increase at 1.75 per cent and also would like at some point to put an end to the land transfer tax.

Régis Labeaume et Rob Ford sont deux maires fort en gueule et en tour de taille.

Mais quand vient le temps de livrer la marchandise, Rob Ford est le seul qui se démarque.

Remarquez, Rob Ford pourrait faire la leçon à beaucoup de maires aux Québec…