Toronto’s year-end surplus surges to $154 million

The Star reports that the City of Toronto’s 2011 surplus has surged to $154 million, according to new figures certain to put pressure on councillors to spare threatened services. Numbers released Thursday, ahead of Monday’s committee vote on the proposed 2012 budget, predict the city will actually underspend its 2011 budget by $174 million, but $20 million is being used to fund staff buyouts. A big factor in the rosier picture is the land transfer tax that Ford calls unfair and has vowed to eliminate. The tax raked in $96.5 million more than the expected $220.5 million. (Does anyone at the funny farm on Nathan Phillips Square know whether they are coming or going? And our councillor, Wong-Tam,wants to start a city-owned bank!)