Mayoral candidate unveils plan to balance 2011 budget
Modest tax increase, no staff firings, no service cuts
Kris Scheuer
(Written for Town Crier Oct. 14)

Toronto mayoral candidate Joe Pantalone releases his economic plan. Photo by Kris Scheuer/Town Crier.
Joe Pantalone made two big announcements this morning:
First, Pantalone said he won’t drop out of the race for the city’s top job. And second, he said he can deliver a balanced budget in 2011.
“This budget has a number of components in it,” he said. “First of all it has no service cuts. It does not call for any additional money from the provincial government for 2011 because we understand the province and feds have financial issues as well.
“It is a city building-budget which is fiscally responsible,” he claimed.
Pantalone said the city’s facing a $503 million gap to balance next year’s budget. That pressure grows to $541 due to $22 million in campaign promises plus the $16 million revenue loss of phasing out the vehicle registration tax in 2011 through 2014 plus a four-year tax freeze for seniors earning less than $50,000 living in their own home.