How the mighty have fallen!
David Soknacki blasts Rob Ford over ‘bad math’ as he warns Scarborough subways will push city’s debt to $7B
Toronto’s debt will double in eight years if Mayor Rob Ford fulfills his promise to turn current light rail lines into subways, David Soknacki, the mayoral contender, warned Friday.
“Rob Ford talks a lot about respect for taxpayers, but it starts with respect for basic math,” Mr. Soknacki told reporters at the Hilton Hotel. “Voters deserve the real numbers.”
Mr. Soknacki, a budget chief under former mayor David Miller, said that, based on an estimate of $400-million per kilometre, building subways on current Scarborough Rapid Transit line, on Sheppard Avenue and on Finch Avenue West would push the debt to $7 billion by 2022-23.
“If Rob Ford is in the unlikely position to deliver on his subway promises, he will double the city’s debt,” Mr. Soknacki said.
The average Toronto home pays about $300 a year in debt servicing charges, Mr. Soknacki added.
“The average burden per household would go to $600 or $700 just to service unnecessary expenses,” Mr. Soknacki said. Mr. Soknacki said his math includes assumptions that Ottawa and Queen’s Park would fund Mr. Ford’s subway dreams to the same amount that they are funding the Scarborough subway extension.
Mr. Soknacki, a former Scarborough councillor who owns a business that extracts flavours from spices, repeated his plan to scrap the subway extension for Scarborough. He wants to return to the seven-stop light rail line previously approved by city council.
The city could plow the $1-billion in cash savings into the Downtown Relief Line, which is a plan for a loop linking the city’s east and west ends with a curved line running through the city’s core, Mr. Soknacki said.
At present, city council and the province have approved an extension of the Bloor-Danforth subway line three stops into Scarborough to replace the SRT. The city and province have also approved light rail lines on Eglinton, Finch and Sheppard avenues. Mr. Ford has said he wants to convert the Sheppard and Finch LRT lines to subways.
On Friday Amin Massoudi, a spokesman for the mayor, responded by email to requests for comment on Mr. Soknacki’s math.
“I can only comment on what has been brought before Council and approved to date. As far as we are concerned, the rest of their claims are hypothetical,” Mr. Massoudi wrote. “Regarding the Scarborough subway, according to finance staff, based on council-approved project funding plan, the city would issue slightly over $500 million in debt during the construction of the $3.5-billion Scarborough subway project. The city’s current total outstanding debt is about $3-billion.”
A smattering of reporters attended Mr. Soknacki’s news conference. For the first time since entering the race in January, Mr. Soknacki wore a tie. When Mr. Soknacki addressed the Toronto Region Board of Trade in January, at least one guest commented on his open-necked shirt.
Asked about the candidate’s decision to wear a tie, Supriya Dwivedi, Mr. Soknacki’s spokeswoman, said that he was on his way to Open Data Day, a gathering of provincial and city techies to find new ways to share government data. Open Data Day takes place today in a provincial building at 900 Bay Street.
David Soknacki blasts Rob Ford over ‘bad math’ as he warns Scarborough subways will push city’s debt to $7B
David Soknacki blasts Rob Ford over ‘bad math’ as he warns Scarborough subways will push city’s debt to $7B
Toronto’s debt will double in eight years if Mayor Rob Ford fulfills his promise to turn current light rail lines into subways, David Soknacki, the mayoral contender, warned Friday.
“Rob Ford talks a lot about respect for taxpayers, but it starts with respect for basic math,” Mr. Soknacki told reporters at the Hilton Hotel. “Voters deserve the real numbers.”
Mr. Soknacki, a budget chief under former mayor David Miller, said that, based on an estimate of $400-million per kilometre, building subways on current Scarborough Rapid Transit line, on Sheppard Avenue and on Finch Avenue West would push the debt to $7 billion by 2022-23.
“If Rob Ford is in the unlikely position to deliver on his subway promises, he will double the city’s debt,” Mr. Soknacki said.
The average Toronto home pays about $300 a year in debt servicing charges, Mr. Soknacki added.
“The average burden per household would go to $600 or $700 just to service unnecessary expenses,” Mr. Soknacki said. Mr. Soknacki said his math includes assumptions that Ottawa and Queen’s Park would fund Mr. Ford’s subway dreams to the same amount that they are funding the Scarborough subway extension.
Mr. Soknacki, a former Scarborough councillor who owns a business that extracts flavours from spices, repeated his plan to scrap the subway extension for Scarborough. He wants to return to the seven-stop light rail line previously approved by city council.
The city could plow the $1-billion in cash savings into the Downtown Relief Line, which is a plan for a loop linking the city’s east and west ends with a curved line running through the city’s core, Mr. Soknacki said.
At present, city council and the province have approved an extension of the Bloor-Danforth subway line three stops into Scarborough to replace the SRT. The city and province have also approved light rail lines on Eglinton, Finch and Sheppard avenues. Mr. Ford has said he wants to convert the Sheppard and Finch LRT lines to subways.
On Friday Amin Massoudi, a spokesman for the mayor, responded by email to requests for comment on Mr. Soknacki’s math.
“I can only comment on what has been brought before Council and approved to date. As far as we are concerned, the rest of their claims are hypothetical,” Mr. Massoudi wrote. “Regarding the Scarborough subway, according to finance staff, based on council-approved project funding plan, the city would issue slightly over $500 million in debt during the construction of the $3.5-billion Scarborough subway project. The city’s current total outstanding debt is about $3-billion.”
A smattering of reporters attended Mr. Soknacki’s news conference. For the first time since entering the race in January, Mr. Soknacki wore a tie. When Mr. Soknacki addressed the Toronto Region Board of Trade in January, at least one guest commented on his open-necked shirt.
Asked about the candidate’s decision to wear a tie, Supriya Dwivedi, Mr. Soknacki’s spokeswoman, said that he was on his way to Open Data Day, a gathering of provincial and city techies to find new ways to share government data. Open Data Day takes place today in a provincial building at 900 Bay Street.
David Soknacki blasts Rob Ford over ‘bad math’ as he warns Scarborough subways will push city’s debt to $7B
