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Current City Assets
- The City is focused on building the necessary social and physical infrastructure to support Toronto’s growth and maintain the City’s aging infrastructure in a state of good repair.
- Toronto has over $75 Billion in existing infrastructure such as transit, roads, community centres, libraries, water and sewer facilities, parks and other things.
- The City’s assets support the many services that the City delivers.
How our City Assets are Funded
- The capital budget funds the City’s assets that support service delivery.
- It is funded from reserves, development charges, other levels of government, and by borrowing funds or taking on debt.
- Toronto Water and Solid Waste Management Services are rate supported programs, the fees collected for the services also pay for the infrastructure to deliver it.
- Transportation and transit comprise of 74% of the City’s 10-year tax supported capital budget and plan. Nearly $14 Billion of this investment is to keep existing transit, roads and bridges running properly.
- The City had $33 Billion in approved capital projects in the 2016-2025 Capital Plan. Council has approved in principle or is considering an additional $29 billion in projects that remain unfunded.
- There is a limit to the amount of debt that the City can manage. The City’s has a policy that debt charges are limited to 15 per cent of property tax revenue.
- Toronto’s capital needs far exceed its current revenue sources.
- In order to provide sustainable funding for capital projects, the City will need to consider potential revenue options.
- Toronto currently has a dedicated property tax levy (1.6 per cent residential and 0.4 per cent non-residential) to help fund the Scarborough Subway extension.
- Beginning in 2017, Toronto will introduce include a special dedicated property tax levy for the City Building Fund for priority transit and housing capital projects.
- The City will also seek support from both the provincial and federal government for specific projects.
- The City holds a wide variety of land, corporate and other assets.
- Optimizing asset performance and disposing under-utilized assets may improve the City’s fiscal position.
- In the past, consideration has been given in terms of value and impact on future revenue and broader policy objectives.
- City Council has directed staff to explore which assets with commercial potential could be sold in part or total to the private sector to generate revenue.
- These assets include selling all or part of major land holdings, Toronto Hydro Corporation or the Toronto Parking Authority.