Billion-Dollar Toronto Budget Focuses On Infrastructure

"The good news is that the city's capital budget is finally about to make a dent in Toronto's road repairs backlog. The bad news is that means more orange construction cones and longer delays for drivers."

"City officials yesterday unveiled a $1.53 billion capital budget for next year that sets aside money for everything from TTC improvements to repairs at the city's homes for the aged, and small spending increases for everything from trees to shelter beds."

"Chief financial officer Joe Pennachetti said the overwhelming theme is repairing the city's aging infrastructure. And that means road repairs that are necessary but often aggravating for motorists."

"Of the total 2008 spending, roughly one-third would come from borrowing; one-third from taxes and other revenues. The final third would come from the federal and provincial governments, mostly as transit funding."