Toronto Tightens Trousers....maybe

I am mystified as to how Toronto city is verging on broke. It's the financial capital of Canada. It controls Canada's money. The streets are teeming with merchant bankers. Bay Street is literally made of money. Taxes are high. Housing is expensive. Blowing your nose is probably taxed, yet, the city does not have any money. Various services have been cut, the subway faces line closures and increased prices and there is increasing pressure to increase home and vehicle taxes.

Someone needs to get hold of the city accounting books and have a good read of them. Are they getting 5th Graders to do their accounting? Obviously, not the kids on the show 'Are you Smarter Than a 5th Grader?', as they have proven themselves time and time again that they are indeed smarter than the American adult population.