More Incompotence At City Hall

Toronto Budget Chief doesn't feel $1.5 million is a significant amount.."There would have been minimal interest earnings on those accounts before," conceded chief financial officer Joe Pennachetti.

Rookie councillor Heaps sounds alarm as $42 million earns little interest

Toronto sat on millions in development fees

Paul Moloney
CITY HALL BUREAU

The City of Toronto has been sitting on millions of dollars in contributions from developers that have been earning little or no interest.

Rookie Councillor Adrian Heaps made the discovery last year, and this week city council quietly approved procedural changes to ensure the funds – some $42 million as of Dec. 31 – will earn interest from now on, an estimated $1.5 million this year alone.

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