City of Toronto posts $275 million surplus: Miller
Posted November 4, 2010 6:02 pm.
This article is more than 5 years old.
TORONTO, Ont. – It will be a smoother transition for Mayor-Elect Rob Ford and the new council when they step into power this December, after outgoing Mayor David Miller announced a $275 million budget surplus, Thursday.
The surplus will ease the pain of balancing the 2011 operating budget, as Toronto is expecting a $500 million shortfall next year.
According to Councillor Joe Mihevc, that leaves about $228 million to be found.
2010 is the second year that Toronto has posted a large surplus by the end of the year, which is made up of money left over in departmental budgets.
In 2009, Toronto had a $276 million surplus, which helped to prevent a tax increase.
