Unbalanced Books: How to Improve Toronto’s Fiscal Accountability
As Toronto gears up for a municipal election this fall, the city's poor record on fiscal accountability promises to be a central issue. As the sixth largest government in Canada, with a budget of over $11 billion annually, Toronto city hall should have its finances under better control. A 10-year comparison of planned spending changes announced in budgets with actual results reported after year-end reveals large deviations between planned and actual spending that are routine. To increase transparency and accountability, Toronto should consolidate its now separate capital and operating budgets, move to a uniform accounting basis for its budgets and year-end results, and provide multi-year budgets. City government should adhere more closely to the budgets Council votes every year.
|Date of creation:||Aug 2010|
|Date of revision:|
|Publication status:||Published on the C.D. Howe Institute website, August 2010|
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- Colin Busby & William Robson, 2013. "Canada's 2012 Fiscal Accountability Rankings," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 373, February.
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