"This is one of the greatest challenges this city has ever faced and so we will have to rise to that challenge."

The city’s finances are divided into the $13.5 billion operating budget for the fiscal year and $43.5 billion for 10-year capital plans.

The staff presented the City of Toronto 2020 budget on Friday morning to the committee that will ultimately shape it over the coming weeks.

The proposal stipulates a 3.9 per cent increase for 2020, which would be mean a total budget of $1.076 billion. The proposed 2020 budget is $40.8 million higher than the 2019 budget.