The purpose of this report is to seek City Council's approval to execute the components of a New Deal with the Government of Ontario as described in the New Deal Term Sheet. On September 18, 2023, Premier Doug Ford and Toronto Mayor Olivia Chow announced a Working Group of senior public servants from the Government of Ontario and the City of Toronto with an objective of making recommendations to achieve long-term stability and sustainability of the City's finances. The Working Group provided recommended terms for an agreement, the “ Ontario-Toronto New Deal Working Group - Term Sheet ” on November 26, 2023. The term sheet includes a package of provincial supports to assist the City with its long-term financial plan as well as commitments required of the City. The term sheet also outlines expected supports from the federal government. This report summarizes the New Deal term sheet and requests Council authority to advance next steps in the implementation of the Toronto-Ontario New Deal. City staff will continue to seek authorities from City Council as required in specific areas identified in the term sheet. The City Manager will report back on implementation progress on the New Deal by the end of 2024.
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