Toronto Mayor Olivia Chow is scheduled to meet publicly today, Thursday, with some of her closest allies on the council for a special meeting to review the long-term budget challenges facing the city, and to discuss the possibility of imposing a new additional tax on luxury homes and higher street parking fees.

The executive committee will meet for the first time under Chow's leadership to work through a key report that outlines Toronto's budget outlook, which includes a combined total of $46.5 billion in operational and capital pressures over the next decade.

In an attempt to address Toronto's daunting financial outlook, the report from the city manager and interim chief financial officer looks at several new revenue measures, including an additional progressive tax on luxury homes and raising the vacancy home tax from one to three percent.

However, Chow, who has campaigned against these tax reforms, said the city needs serious help from other levels of government as the new measures will only cover an estimated 40 percent of the city's deficit.

The report recommends asking the province to allow the city to implement a new municipal sales tax applied to the purchase of goods and services in Toronto.

The executive committee consists of Chow's four deputy mayors, four appointed committee chairs, and two public members of the council.