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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