Toronto’s budget surplus (no, not shortfall) grows by another $8.8 million

The city’s projected budget surplus has grown to $154 million—a nice chunk of change for a metropolis that’s allegedly teetering on the brink of financial collapse. Apparently, much of that extra cash comes from higher-than-expected revenues from the land transfer tax ($96 million), supplementary taxes ($31 million) and not filling staff positions that became vacant. Councillors like Gord Perks are pointing to this news as evidence that the city’s finances aren’t nearly as bad as Rob Ford suggests. Of course, the mayor is already familiar with the power of the surplus—he used the accumulated surplus from the 2009 and 2010 city budgets, care of David Miller and Shelley Carroll, to balance the books last year. Read the entire story [National Post] »