TORONTO - Toronto Mayor Rob Ford's executive committee has approved beginning public consultations on sources of funding for public transit, including several taxes and levies.

The committee reviewed reports by city manager Joe Pennachetti and Toronto chief financial officer Cam Weldon which outline 10 sources of funding, including a one per cent sales tax, increased income taxes, and highway tolls.

The funds would go towards Metrolinx's $50 billion regional transportation plan to expand transit in the Greater Toronto Area and Hamilton — including four approved light rail transit lines in Toronto.

The city must provide $4 billion in funding annually, $2 billion above what it currently pays towards Metrolinx projects.

The province has committed to provide $13 billion for the first phase of Metrolinx's Big Move project. Metrolinx must secure the rest of the funding and present its investment strategy to the city of Toronto in June 2013.

The seven other suggestions include a property tax hike, payroll and land transfer taxes, a fuel tax, vehicle tax, parking levy and development charges.

Pennachetti said he didn't believe any one or two methods of raising funds would be sufficient to cover the costs.

"We believe it will take probably multiple revenues," he said.

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  • Toronto City Mayor Rob Ford watches players from Don Bosco Eagles, the High School team he coaches, warm up before they compete against the Huron Heights Warriors in the Metro Cup in Toronto on Tuesday November 27, 2012 Those whose antics threaten to besmirch the party name normally don't get a second chance with Canada's federal Conservatives. Not so, it would seem, for Toronto Mayor Rob Ford.

  • Toronto City Mayor Rob Ford reacts after Don Bosco Eagles, the High School team he coaches, lost 28-14 to Huron Heights Warriors in the Metro Cup in Toronto on Tuesday November 27, 2012.

  • Toronto Mayor Rob Ford hoists the Grey Cup on stage with Toronto Argonauts players while celebrating the team's Grey Cup victory in downtown Toronto on Tuesday, Nov.27, 2012.

  • Toronto Mayor Rob Ford addresses reporters at City Hall in Toronto on Tuesday November 27, 2012.

  • Toronto Mayor Rob Ford speaks to his Don Bosco Eagles team during the Metro Bowl quarter-final at Birchmount Park in Toronto, Thursday, Nov. 15, 2012.

  • Toronto Mayor Rob Ford, left, speaks to the media at city hall in Toronto, Monday, Nov.26, 2012. Ford has been ordered out of office after a judge ruled Monday he broke conflict of interest rules.

  • Toronto Mayor Rob Ford, right, walks to attend a toy charity event at city hall in Toronto, Monday, Nov.26, 2012. Ford has been ordered out of office after a judge ruled Monday he broke conflict of interest rules.

  • Toronto Mayor Rob Ford talks to media at city hall in Toronto, Monday, Nov.26, 2012.Ford has been ordered out of office after a judge ruled Monday he broke conflict of interest rules.

  • <a href="http://www.huffingtonpost.ca/2012/11/21/rob-ford-fall-gif-video_n_2170653.html">Rob Ford was at an event to promote the Grey Cup when he fell while hamming it up for the press. A GIF of the fall went viral on the Internet</a>.

  • Toronto Mayor Rob Ford, right, makes a few remarks as Chicago Mayor Rahm Emanuel listens, before the pair signed a new "sister cities" agreement Wednesday, Sept. 19, 2012, in Chicago.

  • Chicago Mayor Rahm Emanuel, left, makes a light hearted comment as Toronto Mayor Rob Ford laughs during the signing of a new "sister cities" declaration Wednesday, Sept. 19, 2012, in Chicago.

  • Toronto Mayor Rob Ford sits on the back of Chicago's First Lady as he takes in an architectural boat tour on the Chicago River Wednesday, Sept. 19, 2012. Ford was visiting the city on a Toronto-Chicago Business Mission.

  • Toronto Mayor Rob Ford, top left, relaxes during a boat tour with members of the Toronto-Chicago Business Mission on the Chicago River waterfront Wednesday, Sept. 19, 2012, in Chicago.

  • Toronto Mayor Rob Ford, top right, waves to photographers during a boat tour with members of the Toronto-Chicago Business Mission on the Chicago River waterfront Wednesday, Sept. 19, 2012, in Chicago.

  • Rob Ford Meets Butter Rob Ford

    <a href="http://www.huffingtonpost.ca/2012/08/31/rob-ford-butter-sculpture-ex-cne_n_1846616.html" target="_hplink">Toronto Mayor Rob Ford comes face to face with a butter sculpture of himself at the Canadian National Exhibition</a>.

  • Butter Rob Ford

    As part of an exhibition at the CNE, Toronto-based artist Olenka Kleban has made a <a href="http://www.huffingtonpost.ca/2012/08/24/butter-rob-ford-sculpture_n_1828527.html" target="_hplink">butter sculpture of Toronto's mayor</a>.

  • Dave Chappelle And Rob Ford

    <a href="http://www.huffingtonpost.ca/2012/08/22/dave-chappelle-rob-ford_n_1822240.html?utm_hp_ref=canada-politics" target="_hplink">Comedian Dave Chappelle met briefly with Toronto Mayor Rob Ford</a> on Wednesday, Aug. 22, 2012

  • <a href="http://www.huffingtonpost.ca/2012/08/14/rob-ford-reading-driving-car-gardiner_n_1776183.html" target="_hplink">Rob Ford is seen reading while driving</a> in this photo from Twitter.

  • <a href="http://www.huffingtonpost.ca/2012/07/30/rob-ford-will-ferrell-zach-galifianakis-sketch_n_1719420.html" target="_hplink">Rob Ford meets with comedic actors Will Ferrell and Zach Galifianakis</a>.

  • Rob Ford poses with neo-Nazi Jon Latvis. <a href="http://www.huffingtonpost.ca/2012/07/26/rob-ford-nazi-photo_n_1707326.html?utm_hp_ref=canada" target="_hplink">Ford's office has explained Toronto's mayor was unaware of the man's beliefs when the image was captured</a>.

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  • Rob Ford's ballet debut

    Toronto Mayor Rob Ford (left) and city councillor Michelle Berardinetti (right) smile on stage during a performance of the Nutcracker in Toronto on Saturday, December 10, 2011. (THE CANADIAN PRESS/Pawel Dwulit)

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  • Rob Ford's ballet debut

    Toronto Mayor Rob Ford acts on stage dressed as a Cannon Doll during a performance of the Nutcracker in Toronto on Saturday, December 10, 2011. (THE CANADIAN PRESS/Pawel Dwulit)

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  • Rob Ford's ballet debut

    Toronto Mayor Rob Ford jumps on stage dressed as a Cannon Doll during a performance of the Nutcracker in Toronto on Saturday, December 10, 2011. (THE CANADIAN PRESS/Pawel Dwulit)

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