The city doesn’t generate enough revenue to pay for all the new infrastructure and programs approved by council. For three years, former city manager Peter Wallace warned the city was on the edge of a fiscal cliff. Instead it recommended staff return, in a new term of council, with an action plan, deferring any decision until a later date. As the alarm grew, there was much anticipation ahead of a report Wallace promised would be a long-term financial plan. If tax hikes had just kept pace with inflation, the city would have brought in an additional $220 million in 2017.

Source: thestar October 20, 2018 20:01 UTC