The City Of Toronto is getting closer to the brink of bankruptcy. There is no money left for a rainy day. This is just another example of the fiscal stupidity of some members of Toronto City Council.
Councillors at odds over $17M land purchase
Indian artifacts stymie plans to build community centre on site
May 26, 2007
John Spears
CITY HALL BUREAU
Toronto councillors have voted to drain the city's entire land acquisition fund to buy a 7-hectare tract of parkland in northeast Scarborough from a developer for $17 million.
But while one of the arguments to buy the land was to provide a site for a community centre, council voted to leave the property in a "naturalized state" that would forbid construction of the centre.
Councillors opposing acquisition of the land – which contains the remains of an Indian village – argued that it cements the city's reputation for financial irresponsibility, because the purchase isn't in the city's five-year budget plan and exhausts yet another city reserve fund.
The city has balanced its budget for several years by funnelling money out of reserves, to the point where staff have said reserves are now exhausted.
But Councillor Glenn De Baeremaeker, who first proposed the acquisition, said the purchase is needed to protect important aboriginal artifacts.
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