On February 16, City Council approved a 2017 tax-supported operating budget of $10.5 billion and a 10-year capital budget and plan of $26.5 billion.
On February 17, City Council approved a 2016 tax supported operating budget of $10.1 billion and a 10-year capital budget and plan of $21 billion.
On March 11, 2015, City Council approved the tax and rate supported 2015 operating budget of $11.4 billion and 2015-2024 capital budget and plan of $31.7 billion.
Toronto City Council approved a balanced 2014 Tax Supported Operating Budget of $9.6 billion and 10-Year Capital Budget and Plan of $18.6 billion that makes significant investments in key strategic priorities for the City’s future. The Budget continues to strengthen the City’s fiscal health and for the second year in a row, the Budget was balanced without the use of the prior year’s surplus.
The 2014 Operating Budget included a 2.23 per cent property tax increase for residential properties. Included in the increase is dedicated funding (0.5 per cent increase) for construction of the new Scarborough Subway.
As part of its overall strategy to enhance Toronto’s business climate, the City continues to reduce its tax rates for commercial, industrial and multi-residential. This will result in an additional 0.48 per cent for residential properties to make the total tax increase 2.71 per cent. The total average increase for non-residential properties, which include rental apartment buildings, is 0.30 per cent.
City Council approved a gross Operating Budget of $10.858 billion and $3.713 billion net for 2013; and a 2013 – 2022 Capital Budget and Plan of $24.473 billion.
The challenges faced in 2013 included eliminating an opening operating budget pressure of $465 million, reducing its reliance on one-time/unsustainable revenues to balance the budget, bringing spending in line with revenue growth and moderating capital financing pressures.
As part of its balancing strategy to address the operating budget pressure, the City reduced spending through savings achieved from implementing service efficiency measures and cost reductions while maintaining core services that residents value. The City also maximized revenue sources, reduced the impact of capital financing, and implemented a moderate municipal property tax increase (2.00% residential and a 0.67% non-residential) and a Toronto Transit Commission (TTC) fare increase of 5 cents, which are in line with inflation.
The budget documents contain a number of pictures, charts, graphs and tables. If you have difficulty viewing these documents or require a more detailed explanation, please contact Paula Chung at 416-392-1649 or Paula.Chung@toronto.ca.
Budgets prior to 2013
If you require access to budget files prior to 2013, please contact Alex Mozo at 416-397-5226 or Alex.Mozo@toronto.ca.