A Toronto bid to host the 2015 world's fair should have taxpayers across the country grasping their wallets. The bid has been organized by a coalition headed by the City of Toronto. However, when the topic of financing has arisen, Expo boosters become uneasy.

Mayor David Miller has candidly stated that Toronto does not have a real shot at landing the 2015 event without funding from the federal and provincial governments. And while other levels of governments have shown willingness to partner with the city, a major roadblock exists.

The Paris-based Bureau International des Expositions, the organization which reviews bids and grants the world's fair to cities, requires the winning bid city's federal government to commit to covering any losses resulting from hosting the event. Finance Minister Jim Flaherty is in the process of reviewing the bid and while he has stated that the federal government may have a role in the bidding process, that role would not be financial guarantor.

Minister Flaherty has stood firm on a federal provision that calls on the province hosting such an international event to bear any unforeseen deficits. Deficits in this case have been estimated between $400 and $700-million. This number could skyrocket given the uncertainty of security costs. To the point: The federal government would already be the largest contributor to security costs should Toronto win the right to host.

Meanwhile, Premier McGuinty has also distanced his government from the possibility of writing a blank cheque to cover the costs of Expo 2015. While supportive of the bid, the premier has stated that the federal government's $13.2-billion surplus announcement shows they are in much better financial position to bear any deficit of hosting.

With no level of government willing ­- or claiming the ability - to fund any shortfall Toronto's Expo bid is in limbo. Premier McGuinty and Mayor Miller are attempting to coax the federal government into taking on the role of financier with promises of billions of dollars in economic growth. Indeed, the bid committee is predictably stating that each level of government would benefit from hosting this event with tax revenues to the tune of $5.3-billion.

The promises of economic nirvana are rolled out by boosters time and time again. And in each instance taxpayers are left holding the bag. The federal government, Quebec provincial government, and City of Montreal spent $283-million to host the 1967 Expo and were left with a deficit of $210-million. It was expected to run an $82-million deficit.

Vancouver's 1986 Expo cost the various levels of government $318-million and taxpayers were still left with a $311-million deficit after all was said and done. If you think these numbers are bad just wait until the tally comes in on the Vancouver Olympics in 4 years!

Think about it. If hosting world events were such an economic bonanza, why would taxpayers have to fun anything Private investors would be lining up by the dozen. In truth, they almost always cost taxpayers tens of millions of dollars. Well intentioned Perhaps. But it's more about the egos of politicians than the proper stewardship of public treasuries.