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You are on the [Mayor Says Time To Spend] page of folder [Capital Budget 2009]
For the cover page of this folder go to the posted on November 05, 2008
Mayor says now is the time to spend
City's plan to lay out $1.6B next year would push the debt load to $2.7B
By: BRYN WEESE
Published: 31st October 2008
Source: Toronto SunThe city's plan to spend $1.626 billion in 2009 could not have come at a worse time, some critics charge.
The city proposed its 2009 and 2009-2013 capital plan yesterday which, if approved, would add $367 million to the city's debt.
It would bring the city's total debt load to $2.7 billion.
"The first rule of holes says that when you're in a hole, stop digging.
Instead, what the mayor has done is he's brought a shovel and he's digging the hole deeper by increasing debt, increasing spending and he's dragging taxpayers down with him," said Kevin Gaudet, the Ontario director of the Canadian Taxpayer Federation.