Jennifer Pagliaro, David Rider, Toronto Star:

For three years, former city manager Peter Wallace warned the city was on the edge of a fiscal cliff. The city doesn’t generate enough revenue to pay for all the new infrastructure and programs approved by council. And, Wallace had warned, council’s tradition of balancing budgets by relying on record land-transfer windfalls from a hot housing market, raiding reserve funds and deferring costs into the future is risky and unsustainable for Toronto.

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