The City of Toronto has announced a number of budget cuts intended to reduce this year’s operating costs and providing a contribution to the shortfall in 2008. Details can be found in the City’s news release.
Agencies such as the Toronto Police and the TTC whose budgets are managed by separate boards will be up for discussion at future meetings, although some dollar figures are shown in the City announcement.
The TTC will hold a special meeting on September 12 to discuss the budget situation. (Note that this is addition to the regular meeting on September 19.) At that point, we may learn more about the options actually under consideration depending on whether or not the City resolves its budgetary shortfall.
In the news release, the City is asking that the Province resume permanent operating budget support for the TTC. However it is unclear whether this is a request to return to the old Bill Davis formula (68% farebox, 16% Queen’s Park, 16% City) or some other arrangement.