Toronto City Council has approved a $6.1 billion tax-supported operating budget and a $1.120 billion tax-supported capital budget for the year 2001 with another $1.034 billion committed as project cash flow over the next four years for a total capital budget of $2.154 billion. The operating budget is an increase of 2.6 per cent over the 2000 budget of $5.9 B, and requires a tax increase of five per cent on homeowners because of provincial regulations limiting tax increases to the residential sector.
Mayor Mel Lastman said, "This has been the most difficult budget in the new City's short life. It points to the clear need for a re-definition of funding responsibilities with both the provincial and federal governments."
