Word is a great, big budget shortfall is looming in 2013

The 2012 budget hasn’t even gone before council, and already the Toronto Sun has moved on to 2013. Apparently, a city source claims the city faces a $440-million budget shortfall next year (of course, we’re still not sure if it’s a real hole or one of the ones Rob Ford dug himself—zing!). While user fees, a TTC fare hike and other revenue-generating measures can fill in part of the gap, the Sun’s source says the city will still need to scrounge up $174 million. The paper also notes that the projections are based on the land transfer tax remaining in place. Looks like Ford won’t be fulfilling that campaign promise for another year. Read the entire story  [Toronto Sun] »