BMO:
Depending on how significant the changes are, it might a) not fit into the budget envelope and b) require a new EA. Another question is how much wiggle room is there once the general direction is set by council - though I can't imagine eliminating some stops will be a huge issue.
AoD
And that is why i'm advocating, that we should not build something because it is what we are given, you build something that SHOULD be built. If it turns out we need and should have completely separated transit on these routes, then I think it is council's duty to find a way to raise the money. If you're playing tennis, but are only given a squash racquet, you should find a way to get a tennis racquet.
The city isn't getting any smaller, a matter of funding has to do with the matter of how much will power council has to actually seek out viable financing options. Nobody in Toronto denies that congestion is bad. Many people don't have a problem with paying user fees or tolls for transit, as long as they KNOW it will improve their commute. If you just implement road tolls and use it for other public services (like Councillor Parker suggests) then, NO, there is no reasonable traction in this argument. Ppl don't want to pay a toll or user fee if it won't directly improve their life, or if it isn't a direct investment in their own quality of commuting.
I must admit I'm no expert on financing, but ideally I would like transit to be built (say DRL on Don Mills) before we started tolling the DVP. Once an alternative is in place, I think it is fair game to charge on highways. If there was no alternative to driving, ppl would be like "how can I reasonably get downtown? This is my only option, and i've been able to use it without a toll for my whole life". Whereas if you tool AFTER a viable alternative is available (whether it be DRL or GO) ppl would probably be more like "gee this toll is quite expensive, but it gets me downtown faster." or "gee this toll is expensive, I could probably save some money or time taking the new subway that was built."
Now I am not sure if the city has the ability to amortize transit projects and retain debt, but I know that the Province certainly has the power to.