Lol. Canada is fine. Its the USA that is in trouble. The difference is stark.
And I'm, as usual, discussing things from an objective perspective while you are again emotional. And please, your language is ALWAYS histrionic. And the budget deficit it pandemic related, especially due to increased homeless housing costs, other costs absorbed, closed businesses resulting in less property taxes(Queen street is still filled with for lease signs) and increased infrastructure costs as Tory forwarded much needed upgrades to sewers, streetcar tracks, roads, and other real things.
The province does need to step up. I expect, as someone mentioned they are awaiting who gets in.
And ask around what the concerns are. My above statements will ring true.
Everything is fine in Toronto?
The Corporation of the City of Toronto will be closing the books on it's 2022 budget very shortly. And guess what there is a $230million hole in that budget that needs to be filled despite Provincial and Federal pandemic funding allocated to that budget. Legally the City cannot run an operating budget deficit nor can they borrow to fund the budget. So how do you believe they balance this budget? They will have to take $230million out of the reserve fund to balance the budget of 2022 which will leave about $360million remaining in the reserve fund.
You may believe that is just fine and dandy, but I'll tell you why it is not. The just passed 2023 budget has a gaping unfunded balance of almost $1billion. With just $360million left in the reserve fund the budget cannot be balanced and severe pain will be borne by the citizens and taxpayers of Toronto. Services will be cut severely, repair and maintenance will be cut severely, funding for programs, agencies and affiliated corporations of the city will be cut severely, taxes will need to be raised severely. And guess what, all those cuts and tax raises will still not be enough to balance the 2023 budget that legally must be balanced.
All those 25 years of conservative council majorities and all those 17 years of conservative mayors have led us astray and off to the fiscal budgetary cliff. All those years of just 1 to less than 2 percent property increases, all those years of not employing new sources of revenue and/or scrapping of sources of revenues, all those years of wasting billions on unneeded capital projects, I'm looking at you Long Dong Tory on your effin eastern end of the Gardner rebuild, at you Thug and Drug and your effin Scarborough subway extension, back at you Long Dong and your dumbass Dumbtrack and at you Butler, for I remember the TERB debates where you supported this waste of billions, have caused this fiscal calamity.
The pandemic does not account for all the budget funding deficit as Toronto will have a $46.5billion funding gap over the next 10 years and the pandemic has not caused that! 25 and 17 years of conservative policies and decisions have caused that.
Oh btw, property tax revenue income has not gone down as you claim. And for lease signs only mean sq. footage available for lease by landlords to aspiring businesses and not property tax not being paid. And capital budgets are separate from operating budgets.
So, you may think that you are certain in what you believe, but I am certain what you believe is far, far and away from what is certain.
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