Not a single member of the city’s powerful budget committee is endorsing Toronto entering the race to host the 2024 Summer Olympic Games.

Toronto has only a slim chance of submitting a winning bid, and even if the cash-strapped city is selected, the Olympics could prove to be financial boondoggle for years to come, councillors said after the committee met Monday to begin discussions on the city’s 2016 budget.

Several councillors said an outright no to a bid, while budget chief Gary Crawford and Councillor James Pasternak said they’d only consider Toronto advancing a bid if the cost — estimated at between $50 million and $60 million — is paid for by the private sector.

Toronto is under pressure if it wants to try to secure the 2024 Olympics, an idea that appeared to gain traction after the success of the recent Pan Am Games, the largest sporting event in Canadian history. Los Angeles is poised to enter the contest — its city council is expected to vote Tuesday — and is considered a frontrunner. LA2024 has already released a copy of its bid.

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Paris is also considered to have an edge over Hamburg, Budapest and Rome. The International Olympic Committee (IOC) will choose the host city in 2017.

If Toronto wants to submit a bid, Mayor John Tory and the Canadian Olympic Committee must say so in a letter to the IOC by Sept. 15.

“We are now in the process of analyzing how the (Pan Am) Games went, collecting information on the Olympic bid process, and consulting members of council, the business community, the public and both levels of government,” Keerthana Kamalavasan, spokesperson for the mayor’s office, wrote in email.

Crawford (Ward 36, Scarborough Southwest) said that after the Pan Am Games ended, he was inclined to “ride the wave” and support Toronto pursuing the 2024 Olympics.

“But I’m starting to look at the fiscal realities, the cost of all that, and the fact that Los Angeles has actually put in a bid,” he said. “I’m not saying no to it at this point, but I’m sort of cautiously stepping back a little bit to wait and see.”

Councillor John Campbell (Ward 4, Etobicoke Centre) has no appetite for a bid for the Olympics, which have proven to be “losing financial endeavors” in other cities.

“As a fiscally responsible person I’m very opposed to the idea of going for the Olympics,” said Campbell, vice-chair of the budget committee.

Even if Tory submits the letter, he will still need council’s approval to move forward. Campbell doesn’t think that support exists.

Councillor Shelley Carroll (Ward 33, Don Valley East) says there is no way city officials have the time to gear up for a 2024 bid. But she understands the enthusiasm in some circles.

“Whether you win or lose, preparing a bid is a business and you make money being the guy who gets to prepare the bid,” she said. “A whole bunch of consultants make money and a whole bunch of retired dignitaries, and retired CEOs, get to have fun with this project and play around with big amounts of public money.”

Councillor Justin Di Ciano (Ward 5, Etobicoke-Lakeshore) is also “leaning against” a bid.

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“I’ve yet to see a city that comes out better. It’s a heavy burden for a city to deal with — look at cost overruns and security. I’d rather spend a billion on transit than on security.”

Councillor Michelle Berardinetti (Ward 35, Scarborough-Southwest) is also opposed to a bid, a spokesman in her office said Monday.

Councillor Mike Layton (Ward 19, Trinity-Spadina) said that while Toronto “performed very well” during Pan Am, he’s skeptical about the long-term benefits of an Olympics bid.

In January 2014, councillors voted against bidding for the 2024 Games after considering a consultants’ feasibility report that warned of “significant costs and risks” associated with a bid to host an Olympic Games.

Toronto finished third behind Atlanta and Athens for the 1996 Summer Games and second to Beijing for the 2008 Olympics. Montreal hosted the Summer Games in 1976, and the Winter Olympics were held in Calgary and Vancouver, in 1988 and 2010 respectively.