Looks like Toronto could have a lot more money to play with than previously thought.

Several newspapers are reporting the surplus from 2011 is $292 million.

That is $138 million more than what city staff had forecast.

However, the final figures are expected to be made public on Monday.

"City staff has worked very hard," says Newstalk 1010 Municipal Affairs Correspondent Adrienne Batra who joined Ryan Doyle and John Downs on Friendly Fire Friday night. "It's a good news story for Toronto. Let's just hope they use these dollars to pay down some debt."

That's exactly what city councillor Giorgio Mammoliti says he would like to see all of the surplus cash spent on, but doesn't think council will support that plan.  His next suggestion would be to bring back the subway debate and use it to bury at least one of the new lines entirely underground. And if council can't support that, Mammoliti has another plan.

"If it isn't subways, then lets take $150 thousand each in 44 wards and decided what's important to us in each of out wards and get some capital work done there."

City councilor Shelley Carroll agrees paying down the debt would be a good idea.  She says the surplus could also be used to pay for new streetcars, but she would rather wait and see what the city's chief financial officer thinks is best.

"Council can be very responsible when we take the time to listen to our financial staff, we have the best in the country."

The budget surplus in 2010 was 367 million dollars, all of which was used in 2011 to balance the books.  The official surplus figures will be unveiled Monday.