Imagine finding an extra $138 million in change lying around the house.
That's the position the City of Toronto finds itself in today.
According to media reports, the city's year-end surplus for 2011 is $292 million - $138 million more than the original estimate by city staff during budget talks earlier this year.
"We're finding more money in city hall. The departments are spending less, there is a change in culture and it's working," Coun. Denzil Minnan-Wong told CP24 Saturday morning. "This new philosophy, this new discipline at city hall, there is some impact and it is resulting in savings."
While he didn't reveal the true size of the surplus, in an email sent to city staff early Friday evening Toronto Mayor Rob Ford hinted at the forthcoming numbers.
"I want to take this opportunity to thank each of you for your extremely hard work and dedication to getting our city's finances back on track," Ford wrote in the email.
"The 2011 year-end financials that will become public on Monday make it crystal clear that your hard work has paid off to benefit all who live and do business in this great city."
Though the surplus is widely expected to be put towards the cost of replacing the city's aging streetcar fleet the final decision will rest with council, Minnan-Wong said.
"There are certain motions that were passed that direct it to the TTC and reserve accounts, but we are going to have to make that final decision on where the money gets allocated," he said.
