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We’re in the money. Toronto’s budget is in the black again as a $248-million surplus has been recorded for 2012.
Increased TTC ridership and the land transfer tax are two factors contributing to the city’s surplus fortunes, according to the Star. “I think it’s positive in that it allows us to reduce our debt,” said Councillor Frank Di Giorgio (Ward 12, York South-Weston), who also serves as the city’s budget chief. As per council policy, about 75 per cent of the money will go towards capital works like road maintenance, waterworks and public facilities. The rest of the surplus will be saved in city reserves.
However, the surplus is less than the numbers seen over the two previous years and signifies a downward trend. In 2011, the city budget yielded a surplus of $292-million and in 2010 it was $367-million.
Josh Sherman is a Toronto Standard intern. You can follow him on Twitter at @joshuaxsherman.