Mayor John Tory's executive committee has voted against proceeding with a bid to host the World Expo in 2025, less than a week after a report from city staff cautioned city council against supporting the bid.

Deputy Mayor Denzil Minnan-Wong moved the motion after hours of debating the issue. He said those who supported last week's report found the risks outweighed the positives of hosting the six-month-long showcase of trade, innovation and products from around the world. But Minnan-Wong wasn't convinced.

"We can't go approving things where there's no money behind it," Minnan-Wong told the committee.

He said when it came down to choosing the World Expo over infrastructure like transit or affordable housing, the decision was simple.

Mayor John Tory says it comes down to capital funding.

"If it comes down to any doubt at all about whether any money that's coming forward to this has to be taken out of the money we need for transit and housing, then I will tell you right now, I am not going to take money out of what we need for transit and housing to support an Expo, or just about anything else for that matter," Tory said.

He also moved that council remain open to the consideration of future bids, including Expo 2030.

The final vote on whether or not Toronto will bid on Expo 2025 now goes to city council.