Mayor John Tory has confirmed the city’s worst-kept secret: Toronto will not be bidding for the 2024 Olympic Games.

He made the announcement at City Hall on Tuesday morning. However, he did not rule out bidding on future Games.

“I’m not saying no to the Olympics, I’m saying not this time,” Tory said.

Tory, who is famously fond of studies, has long said that Toronto’s bid was conditional on provincial and federal financial support, as well as public support.

“It’s not my job to be rash. It’s my job to make the best decision for Toronto,” he said Tuesday.

Tory added that he will build an advisory group to consider hosting a major sports event in the future.

“I make no apologies” Mayor on axing Olympic bid, weight of evidence led to his conclusion #topoli pic.twitter.com/KDxJC2sYbt — Cynthia Mulligan (@CityCynthia) September 15, 2015

“I’m happy with this decision” – Mayor Tory on passing on the Olympics pic.twitter.com/Sb5kHvd5eP — Momin Qureshi (@Momin680NEWS) September 15, 2015

His “no” reflects the most recent views held by Torontonians.

A new Mainstreet Research poll for Postmedia released on Monday found support for the bid is slipping, down to 50 per cent from 58 per cent in August.

Forty-seven per cent of respondents say they are opposed to Toronto making a bid, which is up by nine per cent from last month.

Fifty per cent of respondents say they would support an Olympic bid for Toronto. MAINSTREET RESEARCH

As of Sunday, Tory was still undecided.

“I have a little bit of time left and I am going to take, as I said earlier, take all the time that I have and all the time I need to make sure that I try to do the right thing,” Tory said on Sunday.

The Canadian Taxpayers Federation is applauding Tory’s decision not to bid on the Games.

It says Tory’s decision has protected taxpayers from the kind of cost overruns that plagued the Montreal Olympics for 30 years.

The deadline for cities to register their interest with the International Olympic Committee is on Tuesday, with the winning city to be chosen in 2017.

Just bidding on the Olympics alone costs $50 million. And the event could cost as much as $6.9 billion, according to the city’s feasibility report from January of 2014.

With files from The Canadian Press