News releases | Backgrounders | Speeches

City of Toronto approves 2003 budget that preserves 2002 service levels, keeps debt low, responds to the three significant 2003 budget pressures and limits tax increase for residential homeowners to three per cent, the lowest in three years.

"This is a budget that our taxpayers can live with", said Mayor Mel Lastman. "The pressure on our 2003 budget was incredibly high but we are keeping Toronto a safe and secure city."

By managing efficiently and implementing additional cost savings measures, the City was able to limit the tax increase at three per cent while protecting and maintaining essential city services. Due to provincial legislation, the City is limited to applying any property tax increase only to Toronto homeowners and not across its entire tax base.

News releases

	March 3, 2003 Toronto City Council Approves 2003 Budget
	December 6, 2002 $50-million, 5-year capital investment needed to meet public demands for library services
	December 5, 2002 Increased transit funding of $100 million per year would benefit Toronto and Region
	December 4, 2002 All taxpayers should fund increases in emergency services
	December 3, 2002 Proposed 2003 City Budget caps tax increase at 3%

Backgrounders

	Toronto's Fiscal Pressures
	Credit Rating
	Understanding the City's Debt
	Reserves and Reserve Funds
	Who actually gets your money
	City Budget 2003: questions and answers
	2003 City Operating Budget of $6.4 billion approved by Council
	City Council Approves new funding of $965 Million for 2003 Tax Supported Capital Budget
	Where the Money Goes. and Comes From
	Understanding the Capital and Operating budgets
	Glossary of budget terms
	Why are Toronto homeowners carrying the full burden of any tax increase?
	Municipal Performance Measurement
	City's grants aid community groups and agencies
	City of Toronto generated $139,337,758 with sale of surplus properties since 1998 (PDF file size=26 KB)
	Recreation programs for children not affected by proposed user fee increases (PDF file size=26 KB)
	2003 Operating Budget Net, Gross and Revenues (PDF file size=362 KB)
	2003 Operating Budget issues summary of new/enhanced (PDF file size=180KB)

Speeches

	Mayor Mel Lastman's opening speech
	Budget Chair David Shiner's remarks to the joint meeting of Policy and Finance and Budget Advisory Committee regarding the recommended staff 2003 budget