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RSS FeedsToronto may leave $121M unspent in federal transit funding
(The Star Books)

 
 

24 october 2017 00:47:17

 
Toronto may leave $121M unspent in federal transit funding
(The Star Books)
 


The city says it could be forced to leave millions of dollars in federal infrastructure funding unspent unless Ottawa agrees to extend the deadlines for using the money. Last year the Liberal government gave Toronto’s transportation plans a huge boost by allocating the city $856 million from the first phase of its $3.4-billion Public Transit Infrastructure Fund. However, the funding came with strings attached — it can only be spent on projects scheduled to be complete by March 31, 2019, and a maximum of 40 per cent of the money can be spent in the final year of the program. Council has identified 87 projects to spend the money on, the majority of which are for the TTC. They include subway track maintenance, upgrades to TTC stations, design and construction of rail yards, and the purchase of nearly 800 new buses. The money must be matched by municipal spending.A report going to Mayor John Tory’s executive committee on Tuesday says not all of the projects will be able to meet the federal government’s requirements. City staff have identified about $121.5 million in federal money that is “currently at risk” for not being spent within the fund’s guidelines.The report, which was authored by the city manager and the acting chief financial officer, also warns that 37 per cent of the funding is projected to be spent in the program’s final year, leaving just a 3 per cent cushion to avoid breaching Ottawa’s 40-per-cent limit. “As a result, there is limited contingency for slippage in project delivery,” the report says.Staff are recommending council ask Ottawa to extend the deadline for the fund by one year, to March 31, 2020, and to increase the portion of the program that can be spent in the final year to 70 per cent. If the federal government doesn’t agree to “additional program flexibility,” the city might have to remove some projects from the list, which would leave Toronto taxpayers on ...


 
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