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TORONTO - With the prospect of an election growing more likely every day, the minority Liberals' spring budget may turn out to be more campaign platform than peace treaty.

It will also need to lay out a plan to fund a massive expansion of public transit in the vote-rich Greater Toronto and Hamilton area one of their key promises without raising taxes for the middle class.

Premier Kathleen Wynne has promised that a new "revenue stream" to raise the estimated $2 billion a year that's needed to fund public transit will be unveiled in the budget, expected May 1.

But she's ruled out a hike in the HST, gas tax and personal income tax for middle-income families, which has been defined in finance documents as individuals earning between $25,000 to $75,000 a year.

Wynne could raises taxes for businesses or higher-income earners something the kingmaker New Democrats could support.

Last December, a government-appointed panel recommended that the Liberals raise corporate taxes to 12 per cent, coupled with other measures such as hiking the gas tax and the Harmonized Sales Tax.

Metrolinx, the provincial transit authority, had proposed a 15 per cent increase in development charges for businesses, as well as an average 25 cents per day off-street parking levy, among other "revenue tools."

However, the parking charge could be passed on to drivers who use those spaces in places like shopping malls. As well, both measures on their own won't raise the billions of dollars annually that's needed.

Experts say there is another option: so-called "green bonds," which the government plans to issue this year.

Green bonds are a relatively new financing tool, intended to raise money that's used exclusively to support projects with specific environmental benefits.

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Ontario's Liberals may go green to fund public transit