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Deputy Mayor Joe Pantalone says he can balance next year’s budget without cutting services, the city workforce or a provincial subsidy for transit.

The mayoral candidate’s “sustainable city budget” relies on a 1.65% property tax increase (2.5% on residents and 0.833% for business) next year and a $180-million surplus he says city staff told him will be there at the end of the year. Mr. Pantalone would also use up last year’s surplus, find $85-million in “service efficiencies” and sell $75-million worth of land.

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George Smitherman and Rob Ford “say we cannot afford to be the city we are and want to be. I disagree,” said Mr. Pantalone.

He’s willing to give the provincial government a break on the transit operating funding next year, but will pursue it for 2012.

Rocco Rossi dropped out of the race on Wednesday night, leaving three major candidates vying for support on October 25.

Mr. Pantalone said the withdrawal of Mr. Rossi from the race “clarifies” the fight to be the next mayor of Toronto. He says it’s between “two visions,” suggesting that Mr. Smitherman and Mr. Ford are presenting similar proposals to cut back spending.

But Mr. Smitherman, his chief rival for votes, slammed a plan he says “does nothing to solve the annual cycle of projecting Toronto as broke and powerless.”

“This is the same old David Miller financial plan that got us in the mess we’re in,” Mr. Smitherman said.

Mr. Pantalone is vowing to stick it out until the end.