Section 226.14 (2) of the City of Toronto Act, 2006 provides that the Mayor shall, in accordance with the regulations, prepare a proposed budget for the City and provide the proposed budget to City Council for City Council’s consideration. This report fulfills this requirement. The Mayor's Proposed 2023 Tax and Rate Supported Operating Budget is $16.006 billion gross and $4.784 billion net. The budget addresses key priorities, which include maintaining frontline services, prioritizing emergency services and community safety, supporting transit and transit expansion, facilitating the increased supply and safety of housing in order to promote housing affordability, and continuing to manage the financial impacts of COVID-19 — while maintaining a residential tax rate increase for City Operations as well as water and solid waste rate increases below inflation in order to balance affordability concerns. The 2023 Operating Budget was balanced based on the expectation of continued COVID-19 support funding from the Government of Canada and Province of Ontario with a total funding amount of $933 million. In addition to the required COVID-19 funding support, the City's 2023 Budget includes $145 million in Federal and Provincial responsibilities for Refugee Response and Supportive Housing. The Mayor's Proposed Tax and Rate Supported 2023-2032 Capital Budget and Plan is $49.239 billion gross and $6.158 billion debt. The Capital Budget and Plan focuses on investments in Transit Funding ($13.8 billion), Transportation ($5.5 billion), and Housing ($3.9 billion plus a further $5.9 billion provided through foregone revenues and land incentives) — and includes enhanced investments for capital projects such as transit fleet, rental development, parks and community recreation facilities, and library infrastructure.
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