The widely and well understood (normalized) definition of an operating budget is: planned revenues, less planned expenses, leaving a planned operating surplus, which is distributed internally as needed (ie internal transfers).
But the City of Toronto budget consists of only “revenues” and “expenditures”, which balance to zero. I use quotes around those terms because they are non-standard from a basic accounting perspective. They are non-standard because they conflate internal cash transfers with external revenues and expenses, and integrate multiple large accounting anomalies.
First, here’s a summary of the normalized City budget.