Budget Notes

The revitalization of Toronto’s Waterfront is a 25 to 30 year project, in coordination with the three orders of government that will leverage investments to deliver infrastructure, roads, parks and public spaces, community facilities, brownfields remediation, and building sustainable communities.

The 10-Year Preliminary Capital Plan now includes projects that move beyond the original City investment of $500 million, utilizing contributions from the Federal and Provincial governments, private donations and planned developer contributions.

The 2018-2027 Preliminary Capital Budget and Plan provides $523.6 million for Port Lands Flood Protection, Cherry Street Stormwater and Lakefilling, precinct implementation in the West Don Lands and East Bayfront, and The Bentway projects.

Where does the money go?

The 2018 – 2027 Preliminary Capital Budget and Plan totalling $523.6 million provides funding entirely for Growth related projects including:

  • Port Lands Flood Protection ($381.4 million)
  • Regional Sports Centre ($32.3 million)
  • Cherry Street Stormwater and Lakefilling ($30.0 million)
  • East Bayfront including Local Infrastructure Charge, Public Art Plan and Environmental Reserve ($28.4 million)
  • Precinct Implementation of the West Don Lands and East Bayfront ($25.9 million)
  • Bayside Phase 2 Promenade ($17.0 million)
  • Waterfront Secretariat ($3.6 million)
  • The Bentway ($3.0 million)
  • Bathurst Quay Public Realm ($1.1 million)

Where does the money come from?

The 10-Year Preliminary Capital Plan requires:

  • Recoverable debt funding of $316.5 million (60.5%) that will be utilized to support the City’s share of the Port Lands Flood Protection with debt charges financed through development charge reserves.
  • Debt funding of $64.8 million (12.4%) for flood protection in the Port Lands and the precinct implementation projects in East Bayfront and West Don Lands.
  • Development Charges reserve funds of $47.082 million (9.0%)
  • Reserve funds of $46.5 million (8.9%), from the Capital Financing Reserve ($27.1M) and Section 37 contributions ($19.4M).
  • Federal and Provincial funding of $22.5 million (4.3%) for the Cherry Street Stormwater and Lakefilling project.
  • Other Revenue of $26.2 million (5.0%).

State of Good Repair Backlog

A backlog for State of Good Repair work does not exist for the Waterfront Revitalization Initiative since the Program has no inventory of capital assets. Any capital assets that the Waterfront Secretariat may create, is maintained by other City programs including Transportation; Parks, Forestry and Recreation; Toronto Water; and Solid Waste Management Services.

Key Issues & Priority Actions

  • The $1.25 billion Port Lands Flood Protection (including the Cherry Street Stormwater and Lakefilling component), funded equally between the Federal, Provincial and City governments, is needed to enable the redevelopment of the Port Lands and South of Eastern Area:
    • The tri government Contribution Agreement that will be finalized in 2018 will require that the City advance funding in the initial years of the project.
    • The City share of $416.7 million of project costs will be financed from a combination of: recoverable debt with debt charges to be funded from DC reserves for Roads, Sanitary Sewer and Stormwater; City issued tax supported debt; the Capital Financing Reserve; and the Water Capital reserve fund.
    • There are an additional $1.1 billion in unfunded community, transit, water and transportation projects over the next ten years that are related to the build out of the Port Lands and other precincts. These projects require new financing and funding strategies to complete the work and will need to be considered with other priorities in future year Capital Budget processes.

2018 Capital Budget Highlights

The 2018 Preliminary Capital Budget for Waterfront Revitalization Initiative of $162.0 million, excluding carry forward funding, will:

  • Continue the Port Lands Flood Protection ($125.9 million) and Cherry Street Stormwater and Lakefilling projects ($25.0 million);
  • Continue precinct implementation in the West Don Lands and East Bayfront ($5.984 million); and construction of The Bentway ($3.0 million);
  • Begin capital work of the Bathurst Quay Public Realm to improve the streetscape and public realm.