A new report from city staff pegs the cost of cancelling the Scarborough LRT at a staggering $74.8 million.

The city’s budget committee will get a breakdown of those costs at a meeting on Friday.

Councillor Josh Matlow, who preferred the LRT plan over the subway extension that council voted in favour of, says the wasted money is an insult to taxpayers.

“It’s wasted money,” Matlow told 680News. “It’s money that was spent that now isn’t going to be used for it’s intended purpose.”

“The greatest irony is we are having a big debate over how to fill a budget gap that’s roughly around the same size as the money we are throwing out the window.”

The costs come from work on converting and extending the SRT, facility designs for Kennedy Station, general administrative costs, and more.