There is no city budget crisis. Here’s why.
$775 million
The size of the hole, according to the mayor.
Minus $140 mil from a modest 3 to 4 per cent property tax increase
Minus $60 mil from a reintroduced vehicle registration tax
Minus $25 mil from a small TTC fare increase
Minus $50 mil from a small increase in the land transfer tax
Minus $43 mil in efficiencies, the same amount found in 2010
Minus $100 mil from limiting the police budget and other department increases
Minus $100 mil that will come to city coffers from one-time revenues and assessment growth, as usually happens
Equals The real shortfall
About $260 mil
Minus A one-time tax levy to make up for mistakes made in the last budget
