Funding and Costs
In April 2009, Finch West, Eglinton Crosstown, and the Scarborough RT upgrade and extension secured $7.2 billion in funding from the province, while the Sheppard East LRT has received $613 million in funding from the province, and $317 million in federal funding. In November 2007, the TTC provided an updated estimate of the costs of the proposal in its capital budget. The project cost to be paid by the Government of Ontario is $8.3 billion.
On June 15, 2007, the Government of Ontario announced its MoveOntario 2020 plan, that calls for a major overhaul and expansion of the Greater Toronto Area's transit systems, including the Transit City proposal, that will cost an estimated $17.5 billion in provincial and federal funding over a 12-year period. The provincial government proposes to provide two-thirds of the funds ($11.5 billion), and will ask the federal government to pay the remaining one-third ($6 billion). However, Prime Minister Stephen Harper's government is currently not committed to this spending plan. The province's $17.5 billion MoveOntario 2020 plan calls for a total number of 52 transit projects in the GTA to be funded, with 95% of the projects completed by the year 2020.
Read more about this topic: Transit City
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