03/20/2015 12:48 EDT | Updated 05/20/2015 05:59 EDT

TTC's Spadina subway extension to cost at least $150M more

The project to extend the Spadina subway to York University and into Vaughan will cost at least $150 million more than budgeted and won't be completed until late 2017 at the earliest, TTC CEO Andy Byford announced Friday. 

"The publicly stated opening date of the end of 2016 and the approved budget are not achievable," says a TTC report that will come to the TTC board at its meeting next week. 

The report calls for a complete "reset" of the project, and calls for a number of options to speed it forward, including the use of a third-party-project manager to complete the project by December 2017. 

The report calls for the extra $150 million to be shared by the municipalities of Toronto ($90 million) and York Region ($60 million). 

The project will extend the subway by six stops north from its current terminus at Downsview station to the Vaughan Metropolitan Centre. 

The project, originally budgeted at $2.6 billion, has been hindered by cost overruns and problems with contractors.