Majority of Toronto’s $285M surplus will go to TTC: Rob Ford

ImageFrom the May 1 edition of the National Post:

Mayor Rob Ford dampened the dreams of city councillors who want to start divvying up a higher-than-expected operating surplus to reverse some of this year’s controversial cuts.

The latest financial figures indicate that the municipality brought in an extra $285-million in 2011, sources said, about $130-million more than projected. The land transfer tax accounts for one-third of it.

“They already voted on how we’re going to use the surplus. Seventy-five per cent on streetcars, which the previous administration spent and we didn’t have any money for, so I’m left to clean up the mess,” the Mayor told reporters Monday, referring to a January council directive that most of the surplus, then thought to be $154-million, go into a Capital Finance Reserve Fund. “That’s what we’re doing. And 25% goes into reserves.”

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