Guest: Matt Elliott, contributing columnist

The City of Toronto is facing a $2.3 billion budget shortfall for this and next year's budget. Mayor John Tory has been sounding the alarm, asking both the provincial and federal governments for a bailout and warning that there will be massive service cut, tax hike or both if one doesn't come soon. There hasn't been much response or cash flow yet, but it is clear there are issues about how the city plans its budgets and its use of revenue tools.

This episode was produced by Alexis Green, Sean Pattendon and Raju Mudhar.

Audio sources: CP24