TORONTO, Ont. – The city of Toronto has posted a first quarter surplus of $70-million and it is estimated it will hit $90-million by year end.
A staff report, which will be presented to the budget committee on Tuesday, credits lower spending and revenues from the land transfer tax and TTC fares.
Councillor Peter Milczyn told The Toronto Star that although the amount may sound phenomenal, it is just a drop in the bucket toward repairs needed to city infrastructure.
Toronto posts first quarter surplus of $70M
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