Cities are Incompetently Managed and it's WHOSE fault...

The Star
It includes "sub-deficits" for key categories of municipal infrastructure: water and wastewater systems ($31 billion), transportation ($21.7 billion), transit ($22.8 billion), waste management ($7.7 billion) and community, recreational, cultural and social facilities ($40.2 billion).
Steeves said a lack of funds is not a problem in Ottawa, noting that even after the recently announced tax cuts, the federal government is still predicting a surplus of $26 billion over the next six years.

The shin bone's connected to the, thigh bone, the thigh bone's . . .

Cities, as they are in reality, no more than ministries of Provincial governments are charged by their parents with managing, maintaining, expanding and repairing things such as roads, transit, waste systems, etc. If they do not charge enough in taxes then they suffer problems such as this. If they mis-manage the money they have by paying too much for things or paying for the wrong things, then they have problems such as this.

If they are bankrupt, which appears to be the case, then they, as any company that was in this leaky boat would be, would be required to appoint a trustee or receiver or have one appointed for them.

Let some adults (in Toronto I guess that means the Dalton Gang - Dirty, Dastardly and Dinky, et al) run the cities until they get fixed.