It is time for a new fiscal deal for cities. This discussion which must be had with the Government of Canada and the Government of Ontario has to be informed by up-to-date information on the revenue tools that we have available. In 2016, I along with Council requested a report be undertaken to study the potential revenue tools available under the City of Toronto Act which acknowledged at the time the unsustainable financing model of Canada's largest city. That report led to a Council decision on expressway tolls, the institution of the hotel tax, and harmonizing of Municipal Land Transfer Act rates along with other minor changes. While expressway tolls were ultimately rejected by the provincial government of the day it did result in additional gas tax revenue from the Province at the time. Since then, we have also instituted a new vacant home tax which is in its first year in 2023. While the remaining tools we have are limited in addressing the scale of the problem, I am recommending that we complete a revised study of revenue generating options available to the City under the City of Toronto Act and in particular complete an in depth feasibility study of the commercial parking levy. As we move forward it's important to consider all available tools in the context of feasibility, alignment with Council directed policy objectives, and how such tools do or do not address substantial budgetary pressures faced by the City. While we await the results of this study, I will reiterate that the tools allowed under the City of Toronto Act are not enough alone to resolve the pressing challenges of this City. In the wake of the COVID-19 pandemic it is clear that the countless calls this Council has made on other levels of government for sustainable funding is required now more than ever to continue delivering the services our residents rely on. The best option remains a new model for municipal financing that allows city revenues to grow alongside the economy, an economy which sees Toronto proudly make the largest contribution to our overall national success. I look to the Council for your support on this item and look forward to future consideration of revenue tool options informed by the results of this study.
No projects traced to this item yet.