What possible "investment expectations"  could a municipality actual have, who writes this nonsense?  There are simply revenues  steams and costs, if the two  balance out you are  managing  things efficiently. If not, you are running at a loss , which means you  need to borrow; which  ultimatley makes things very interesting  fore everyone affected. Simply put, it is money in and money out, investments  are something else . I am not sure this city manager knows what he is talking about, and there is Toronto's real  problem.