From what I understand, it doesn't need to go to council to cancel -- though on principle, it should. Like the Fort York bridge, the public works committee can simply keep sending it back for study. Of course if a significant portion of council wanted Transit City to go ahead as planned, it could happen, but there are still too many Ford ass-kissers who will do as he says.
Nonetheless, Ford already negotiated an alternative with the Province which includes an all underground Eglinton with funds taken from the Sheppard and Finch lines so realistically, there's no more money for even an LRT on Sheppard.
I'm happy with only building the all underground Eglinton, until we get a more progressive Mayor who knows to listen to transit planners rather than pretend he's building a train set on his living room floor. Just hope that Ford doesn't do something crazy and throws all of our transit money at a Sheppard subway, which would be the largest misdirection of transit funds in our history... If we're going to be spending $4B, then put it in a project where we'll get a return on investment. With the Finch and Sheppard lines effectively dead, the next best thing will be to fund the DRL to give the Yonge/University/Spadina line a renewed lease on life, and then plan for continuous extensions north on both sides, eventually reaching Sheppard and Finch.
How far would $4B get us on the DRL? Pape station to Yonge station on Queen at least?