Mayoral candidate George Smitherman says his plan for balancing Toronto's budget includes selling off the city-owned share of Enwave, and securing $100 million in annual TTC funding from the province.

Speaking Monday at the Economic Club of Canada, Smitherman unveiled the blueprint for his budget for Toronto.

"We must restore the city of Toronto's financial credibility while renewing our focus on core services that people depend upon every day," he said.

Smitherman estimates the city faces a budget shortfall of about $277 million. On top of that, Smitherman is proposing some $236 million in new expenditures — including a 33 per cent reduction in the vehicle registration tax, tenant tax rebates, and a $100 million contribution to a transit trust fund that he will use to fund his transportation plan.

Smitherman said he will close the $513-million gap by cutting spending and boosting revenues.

The new revenues include:

• $100 million from the sale of the city's minority stake in Enwave, a utility that pumps water from Lake Ontario to cool downtown office buildings.
• $100 million from the province in the form of an annual TTC operating subsidy.
• $65 million from the sale of city land. His plan does not specify what city will be sold.
• $33 million in increased property tax revenue based on growth in 2010 property assessments .

Meanwhile, the savings include:

• $154 million in efficiencies, including $132 million in "smarter procurement" practices.
• $61 million from replacing only two-thirds of those who retire from non-emergency, TTC or mandated services.
• Applying $50 million from the capital budget to the operating budget.

In sum, Smitherman's budget plan will leave an extra $50 million in a contigency fund.

Rival candidate Rob Ford is set to release his detailed fiscal plan late Monday.