Toronto’s city council has to decide yet again whether to pursue a bid for the Summer Olympics.

A report to the city’s economic development committee lays out the pros and cons of a bid for the 2024 Games. The committee must decide whether to even begin the bid process by recommending a more detailed study, which would cost about $1 million. Council will make the final decision.

In 2011, Mayor Rob Ford rejected a possible bid for the 2020 Games over fiscal concerns. Councillor Michael Thompson, the chair of the city’s economic development committee, said a 2024 bid will be a “tough sell” with his colleagues.

Toronto is hosting the Pan Am Games in 2015.

“At this particular point in time, I think we’re hard-pressed with respect to pursuing the Olympics given all of the other challenges that we actually have,” Thompson said.

Toronto’s last Olympic bid was for the 2008 Games won by Beijing. The city placed third in the running for the 1996 Olympics won by Atlanta.

Toronto officials said the Olympics would increase the city’s international “visibility,” would “be a catalyst for trade development, cultural exchanges and investment attraction,” and provide “an opportunity for urban renewal and investment in infrastructure which contribute to economic growth and job creation.”

They also noted, however, that there are “significant costs and risks” to pursuing “an incredibly complex and challenging project.” They said it might not be possible to get all levels of government and key private-sector backers back on the same page after the bid failures of the recent past.

The city hired Ernst and Young to produce a preliminary report on the 2024 Games. The firm estimated the cost of actually bidding for the Games at $50 million to $60 million and the cost of actually hosting the Games at $3.3 billion to $6.9 billion.

The committee will vote on the preliminary report on Monday. It will also decide how to proceed on a possible bid for the 2025 World Expo. A more detailed study for that event would also cost about $1 million.