It Depends Whether You Are Giving Or Taking

Not enough spending, or too much TheStar.com - Columnist - Not enough spending, or too much

December 11, 2008

Royson James

What a conflicted morning at Toronto City Council. A city that talks about greatness but is built on mediocrity passed a status quo budget hailed and condemned as a great economic stimulus and a piddling affair.

Council overwhelmingly approved a capital budget that aims to spend $1.6 billion next year and almost $11 billion over the next five years. Much of it will come from the province, federal government, reserve funds and property taxes. And most of it will go to maintain the TTC fleet, installing new bike lanes, fixing roads and bridges, and projects like that.

And let's not forget the chump change for renovating the wedding chapel!

Still, Toronto will borrow an extra $375 million next year and a total of $2.8 billion by 2013 to help finance the plan. This will help push Toronto's outstanding debt load to $3 billion by 2013. By next year it will be double what it was five years ago. It's a stunning figure, and clearly not enough.