Somewhere David Miller is probably all "I told you so."
“Am I prepared to come forward and talk to the people and talk to the City Council about the absolute need to generate the revenues necessary to finance the capital projects—not limited to transit but it’s mostly transit? Yes.”
—In an editorial board meeting with the Globe and Mail, John Tory opens the door to various revenue tools to fund the city’s infrastructure needs. In addition to ongoing debates about the one-stop Scarborough subway extension and SmartTrack—the mayor’s key transit initiatives—there is also a discussion about potential revenue tools the City could implement [KPMG report, PDF]. City Manager Peter Wallace has repeatedly warned that Toronto’s budget is unsustainable, particularly in light of $29 billion worth of unfunded capital projects over the next 10 years, and that these projects cannot be funded by property taxes alone. While the mayor previously started a “City Building Fund” and has said that a potential hotel tax is “on the table,” this is the first time he has hinted at revenue tools that could bring in substantial money to the City.