Wallace completed a Bachelor of Arts (Honours) in Political Economy in 1980, and a Master of Public Administration (MPA) from the University of Toronto, before beginning his career in 1981.
[3] Wallace was initially part of a panel in 2014 that sought to find a replacement for retiring city manager Joe Pennachetti, before deciding to join the running himself.
[4] Wallace was the city manager for three years from July 13, 2015,[5] until he stepped down effective April 3, 2018,[6] to accept a role leading the Treasury Board of Canada Secretariat.
[7] Deputy city manager Giuliana Carbone replaced him until the appointment of Chris Murray on a permanent basis.
Wallace was appointed as secretary of the Treasury Board on the advice of Prime Minister Justin Trudeau effective April 4, 2018.