Mr. Speaker, over the last few months I have called for the closure of the Toronto Port Authority and transfer of its lands and assets to the City of Toronto. Today I renew that call.
In May the Liberal government gave the Toronto Port Authority $35 million ostensibly for a $22 million settlement not to build a bridge to the Island airport. Globe and Mail columnist John Barber rightly asked how a bridge that was to cost $22 million to build could now cost $35 million not to build.That was a good question.
The Port Authority is a money pit. The Port Authority's financials for 2004, now available, disclose that the airport generated a pathetic $1.4 million in revenue but incurred expenses of $5.3 million.
I state once again that we should stop the hemorrhaging of our tax dollars and close this useless, money wasting enterprise.