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City of Toronto 2003 budget information |
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Toronto City Council completed the City's 2003 Budget in March 2003, approving a $6.4 billion operating budget and a net tax levy of $2.85 billion. The result is a property tax increase of 3 per cent for residential homeowners. The tax increase will add $56.40 to the property taxes for a home valued at $295,000. Council also approved a $965 million capital budget that for the most part maintains the City's assets in a state of good repair.
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Budget news |
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2003 Budget Summary Book
This is a comprehensive profile (PDF file size=3MB)
of Toronto's 2003 operating and capital budgets by service program. This budget summary highlights the City's improvement inititatives, service delivery levels and their costs and performance measures for numerous programs.
Understand how the City Budget process works.
The Budget 2003 Community Workbook is an interactive opportunity for you to start a dialogue in your community or with your City Councillor. This informative exercise allows you to choose the City's budget priorities and select where the budget dollars should be increased or decreased, just as your City Councillor does.
Long-term commitment to funding needed from federal government
City of Toronto Budget Chair David Shiner emphasized today that increased funding for transit would ensure a better, more liveable city and a stronger GTA. A long-term financial commitment to transit based on one third cost sharing between the City of Toronto, provincial and federal governments is required now to meet the needs of Torontonians and the additional million people who come into the city every day.
Why are Toronto homeowners carrying the full burden of any tax increase?
In most Ontario municipalities, property tax increases are spread across the total tax base. Homeowners and businesses (commercial/industrial) pay equal shares of any tax increase. However, in Toronto only homeowners carry the full burden of any tax increase.
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