It’s hard to believe but it appears the City of Toronto will have a $140 million surplus this year. The surplus comes as a result of a number of things but is thanks in large part to greater than expected revenues from the land transfer tax. Much is being made of the fact that Mayor Ford wants to get ride of the tax. Does anybody really want to keep it? But never mind, there are a number of reasons apparently why we may have a surplus. They are in general: An intake of $79.5 million more than expected from the municipal land transfer tax, $22.5 million more than expected from supplementary taxes, $15 million in interest and investment earnings, Internal services that came $5.4 million under budget.
