The City of Toronto is expected to see $65 million in weekly financial pressures during the COVID-19 outbreak — a devastating blow of lost revenues and increased costs that will require a bailout from other governments, internal documents say. An internal presentation and email from top city officials to senior staff and council members sent on Friday and obtained by the Star outlined the financial pressures. The “burn rate,” as city officials called it, also includes additional costs for child care ($7.7 million), shelters ($1.1 million), cleaning ($2 million) and overtime ($3.8 million). “Sixty five million dollars is like two points of property tax for the whole year (added) every week. The TTC losing $20 million a week — if you spread that over months you’re looking at hundreds of millions of dollars,” Mayor John Tory told the Star on Friday.

Source: thestar April 03, 2020 20:22 UTC