New legislation will soon replace the existing policy for budget surpluses, which currently directs all surpluses towards eliminating Ontario’s current debt of $160.8 billion. Of the targeted $800 million surplus, $600 million will be spent to reduce provincial debt and any outstanding funds will be distributed among Ontario municipalities based on population size. The GTA will see an estimated $40 million, or 20 per cent, of the remaining funds.
“Investing in municipal infrastructure not only addresses the capital needs of our communities, but it also creates more jobs in the short term and prosperity in the long run,” says the Minister of Finance Dwight Duncan.
Adam Giambrone, chair of the Toronto Transit Commission, criticized the province for not pursuing improved student transit options. “It has never crossed the province’s mind to make a U-Pass for students,” he said. The TTC has offered university students a bulksavings U-Pass, which gives unlimited TTC use for eight months at a cost of $480, but would be mandatory for all students. The lack of an opt-out has prevented any student union from accepting the UPass deal so far.
