Today, the City of Toronto’s Budget Committee began the process of reviewing the staff-recommended tax-supported 2022 operating and capital budgets. The budgets will be reviewed and debated by Budget and Executive Committees before being finalized and approved by City Council at its meeting on February 17.
Toronto residents and businesses can share their feedback on the staff-recommended budgets with the Budget Committee by registering to speak at its meetings on January 24 and 25, or by submitting written comments by email or mail. Speakers are asked to register by 4:30 p.m. on January 21. More information about ways to provide feedback is available at Toronto.ca/Budget.
Toronto has been a leader during the COVID-19 pandemic and it has demanded a significant City response and has had a substantial impact on the City’s finances due to both increased costs and revenue losses. These impacts are expected to continue into 2022, with projected financial impacts of approximately $1.4 billion.
The 2022 staff-recommended tax-supported budgets ensure the City can continue to:
The total 2022 staff-recommended operating budget is $14.99 billion, including the $1.96 billion rate-supported operating budgets approved by City Council on December 15, 2021.
To address the impacts of COVID-19, the operating budget contains $1.4 billion in necessary relief funding that requires the continued support of both the Ontario Government and the Government of Canada.
The City has implemented a range of spending restraints and measures to offset the financial impact of the pandemic and sustain critical operations. For the third consecutive year, City-led mitigation strategies will result in significant savings of $494 million.
The total staff-recommended tax-supported 10-year capital plan is $46.58 billion which includes funding for strategic areas such as mobility, housing, modernization and climate action. It includes the $16.05 billion rate-supported capital budgets approved by City Council on December 15, 2021.
The budget proposes an overall average budgetary increase of 2.11 per cent. This equates to a 2.9 per cent property tax increase for residential properties – an additional $93 for the average Toronto household, a 1.45 per cent increase for commercial properties and a 0.97 per cent increase for industrial properties. There will be no increase for multi-residential or apartment buildings, as per provincial legislation. The budget also includes the City Council approved 15 per cent property tax rate reduction for small businesses.
The budget includes an incremental 1.5 per cent increase to the City Building levy consistent with the City’s planned and approved capital funding strategy – an additional $48 for the average Toronto household. This dedicated levy will be invested in major transit and housing capital initiatives. City Council first approved the City Building Fund as part of the 2017 budget.
More information about the City’s budget is available at Toronto.ca/Budget.
Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.