The problem is the City alone as it currently is can barely afford to pay for the TTC. Sure its not getting worse (usually) but it hasn't exactly got better either. Unless the City were to increase taxes which is a poison pill to any political campaign nothing will get better. Farebox revenue as well isn't a stable source of income either, yet the TTC is expected to make up a disproportionately large portion of its operating budget using it. Sure the current system more "stable" but the status quo is not helping either, it's more or less just causing us to kick many cans down the road.We had dedicated provincial government funding for transit and a provincial government removed it on a whim. Why would we want that scenario to come back, where every provincial budget brings the possibility of cuts ordered by MPP's from outside of Toronto and a change in provincial government could mean slash and burn? I think the current funding arrangement is more stable, and those who change it are more accountable to people in Toronto.
Provincial funding is a zero sum game. The City will yank out the equivalent amount of funding, if not immediately, over time it will happen.
Federal funding would be the above but ten times worse.
Maybe I am too cynical? But I can't see it playing out any other way.