City Posting Surplus of $115-Million in 2012
Six months into it's fiscal year, the city of Toronto is running a surplus of $188-million. The estimate for the year-end is a surplus of $115-million.
Most of the saving comes from a dramatic slow down in hiring, which has left 1800 jobs at the city vacant.
The city also collected close to $42-million more than expected on the land transfer tax which mayor Ford is still hoping to eliminate.
The TTC is expecting $5-million more in fare revenue than expected and they've saved another $10 million on fuel costs.
The Toronto Police Service expects to show a surplus of $2-million, largely because more officers than expected are on unpaid leave.
(With files by D. Agar)