posted on July 16, 2008

City Needs To Generate New Revenue, Audit Finds

'Edge Of Liquidity'

By: Allison Hanes
Published: Thursday, July 03, 2008
Source: National Post

"Toronto's financial breathing room is rapidly constricting, a voluminous city audit released yesterday shows, as its ability to generate new revenue struggles to keep up with its fiscal obligations. But one member of the audit committee, who had only just received the dense report, said the results are not surprising and only underscore the need to rethink every aspect of Toronto's operations while remaining open-minded to creative solutions. "That seems to be the prevailing story around here and has been for the last five years or so," said councillor John Parker (Don Valley West). "We are constantly functioning right on the edge of liquidity and our assets are crumbling faster than we're repairing them, our expenses are going up faster than our revenues.""

http://www.nationalpost.com/search/index.html?q=City+Needs+To+Generate+New+Revenue%2C+Audit+Finds