Updated with the response from the City Chief Librarian:
Dear all:
I have heard back from the Chief Librarian of the City of Toronto, they are not only maintaining the collections but are buying new materials as well. There is a small reduction in the number of sites from 24 to 20 (as populations have shifted) but the materials are still available through placing hold at all locations. I will share a more detailed response from them soon. Just posting this so that we know that we don’t need to be alarmed by this now. I would like to thank City Librarian Vickery Bowles for the prompt