Monday, July 6th32.2°C
26926
22748

Toronto Mayor Rob Ford slams Ontario budget, says Liberals not curbing spending

TORONTO - Toronto Mayor Rob Ford is slamming the Ontario budget, saying the governing Liberals aren't serious about slaying their $12.5-billion deficit.

But Finance Minister Charles Sousa says Toronto is getting billions of dollars from the province and Ford is asking for more money.

The budget included a promise to spend $130 billion on infrastructure over a decade, including $29 billion for public transit and transportation projects.

Sousa says Ford is getting more money from the province than the federal government, which should be committing more funds for infrastructure projects.

In his statement, Ford says he's pleased there's more money for infrastructure in the budget, but he's "highly concerned" that the Liberals don't seem to have a plan to reduce spending and find efficiencies.

He says there's no proof that the province is actually committed to eliminating its $12.5-billion deficit because the budget actually increases the shortfall.

Ontario's debt stands at a "staggering $289 billion," Ford said in a statement.

"That is over $22,000 of debt per Ontario resident," he said.

"Meanwhile, the 2014 provincial budget does nothing to reduce this burden. Instead, the province plans on adding an additional $20 billion to its already crippling debt load."

Toronto's credit rating and outlook remains strong, while debt rating agencies are putting Ontario on watch about a possible downgrade, said Ford, who is campaigning for re-election in October.

"At the City of Toronto, I have shown that we can drive efficiencies and reduce the burden on taxpayers, while still investing billions of dollars in important infrastructure needs."

Ford returned to city hall two weeks ago after spending two months in rehab to cope with substance abuse problems.

The Canadian Press


Read more Business News

26755


Recent Trending




Today's Market
S&P TSX14593.57-88.82
S&P CDNX663.33-7.25
DJIA17683.58-46.53
Nasdaq4991.94-17.27
S&P 5002068.76-8.02
CDN Dollar0.7899-0.0007
Gold1167.30+4.30
Oil53.38+0.25
Lumber285.00-3.50
Natural Gas2.755-0.001

 
Okanagan Companies
Pacific Safety0.175+0.005
Knighthawk0.010.00
QHR Technologies Inc1.52+0.00
Cantex0.05+0.02
Anavex Life Sciences0.52+0.06
Metalex Ventures0.065-0.010
Russel Metals22.39-0.39
Copper Mountain Mining1.09-0.08
Colorado Resources0.08-0.01
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.035-0.005
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.00

 



26908

FEATURED Property
2144481674 Petterson Road
10091012 bedrooms
$389,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_





26370


Member of BC Press Council


25650