The City’s budget describes how much money the City will raise and spend within a year to align its finances with the City’s priorities and services to residents. The budget also guides decisions on what City infrastructure will be purchased, built and repaired.
The City is required by provincial law to balance its operating budget each year, which means that the money spent must be equal to the money raised. To balance the budget, the City can either increase its revenues using tools, such as property taxes and fees or through managing expenses, by changing or reducing the cost of services.
The City’s BudgetTO web page provides the latest information on the City’s proposed 2020 Budget and the 2020 Budget process. In addition, City Council has adopted a Long-Term Financial Plan which provides a framework for longer-term decision-making, including strategies to facilitate multi-year, integrated, strategic decision-making.