The only way you are going to see major new spending next year is if the government gets higher than expected tax revenues, which it is currently consistently getting lower than expected. so no, i doubt it in 2015. The next 3 budgets are going to be pushing big time to drop the deficit. Tory's transit improvements are going to have to come from property taxes.
The capital budget deficit is going to be a huge problem, some of it will be funded through the building Canada fund (which is much larger than the first time around), but there is an absolutely massive gap in it that needs to be filled. Honestly, if the province steps up its capital funding I will be happy. Operating subsidy increases by $30 million for the TTCs wish list are relatively small change comparatively. its the TTCs need for replacement buses, accessible subway stations, new signalling on the Bloor line, etc. that badly needs cash, not the cost to operate a couple of buses or implement 2 hour transfer policies.
The 2015 municipal budget should be fairly easy with the police recommending a 0% increase, they usually take up a huge chunk of new municipal spending that can now be sent elsewhere. The interesting thing will be whether Tory considers the Scarborough subway tax as part of his "tax increases at the rate of inflation" promise or not, as that alone will free up a lot of wiggle room.