Requests from Deputy Mayor Jennifer McKelvie made public Monday in a pair of letters to federal Finance Minister Chrystia Freeland and provincial Finance Minister Peter Bethlenfalvy
Toronto is pleading for more than $1-billion in COVD-related financial aid from Ontario and the federal government to avoid draining a crucial reserve fund and leaving itself vulnerable to future shortfalls.
Both higher levels of government have provided cities with billions of dollars in special payments since the pandemic began. These stemmed from a recognition that COVID-19 had wreaked havoc on municipal finances and that cash-strapped cities needed to continue to provide services. But doing so would largely deplete the fund, leaving the city without that safety net in subsequent years.
Ms. McKelvie said in both letters, which varied little in their content, that “municipalities require a new fiscal framework” and that Toronto “cannot solve a structural problem with quick fixes and one-time funding.”
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