Ford promised to reveal his plan for savings in city council on Wednesday. He said this plan will have minimal effect on city services.
He said it was the better move to give the plan to all the councillors at once, instead of sharing it with his allies on council first.
"They all stabbed me in the back and stripped my powers," he said of his colleagues.
Council voted to remove some of Ford's mayoral powers last year after the mayor admitted to smoking crack during his term. "How can I trust these people when they stabbed me in the back? No I'm sorry. Once bitten twice shy, and I've been bitten pretty hard."
Ford continued: "You will see the $50-million on Wednesday."
He wore a Denver Broncos jersey for offensive lineman Orlando Franklin, who grew up in Toronto and still lives here five months a year, during the speech. Ford and the football player are acquaintances, and Franklin will be playing in the Super Bowl this Sunday.
Budget chief Frank Di Giorgio said earlier in the day that Ford was upset with him over the budget and that Ford believed Di Giorgio should've been able to find the savings himself.
The mayor has previously called this proposed budget the "worst budget" ever.