TORONTO, Ont. – The city’s year end surplus for 2011 has soared to $154 million, up from the $135 million prediction made by senior managers in September.
The land transfer tax Mayor Rob Ford has vowed to eliminate is one of the main reasons for the increase. It brought in almost $100 million more than anticipated, topping out at $320 million.
The surplus would have topped out at $174 million, but $20 million is allotted to cover staff buyouts.
In the past, the city has used the surplus to offset cuts or tax increases. However, this year’s surplus is being put into reserves.
Meanwhile, the budget committee votes on $88 million in proposed cuts on Monday.
Council has the final say the following week.