Toronto is a thriving and growing city. It is Canada's largest city and the fourth largest in North America and is home to 2.8 million residents and nearly 90,000 businesses. Toronto invests in quality of life – socially, economically, culturally and environmentally – to make Toronto a desirable place to live, prosper and visit.
The City strives to balance the need to provide high quality, affordable services and invest in infrastructure to support city building, while keeping taxes low for businesses and residents.
Toronto has established ambitious plans to provide comprehensive services to its residents. Toronto, like other large cities, is addressing urban challenges that include population growth, aging infrastructure, traffic congestion, lack of investment in social housing, poverty, and the distribution of community services. As a result, the pressures on expenses are increasing faster than revenues.
A Long-Term Financial Plan (LTFP) with well-articulated aspirations, clear priorities, multi-year expenditure and revenue targets, and effective planning processes will help us address these issues and build the kind of city we all want Toronto to be.
The City's Long-Term Financial Direction
The City's Long-Term Financial Direction Update was considered at Executive Committee on December 1, 2016. The City’s Long-Term Financial Direction report, from the City Manager, Deputy City Managers and Chief Financial Officer, was approved by City Council at its June 7-9, 2016 meeting.
The report explores the underlying conditions of City finances by reviewing the expense and revenue patterns of recent budgets. It also provides a basic forecast of future expense pressures and revenue performance and outlines a series of principles and directions to guide the development of new strategies to manage expense and revenue over multiple years.
Two closely aligned staff reports were brought forward to the Executive Committee on December 1, Asset Optimization Review – Toronto Hydro Corporation and Toronto Parking Authority and The City of Toronto’s Immediate and Longer-Term Revenue Strategy Direction.
In November and December the City conducted surveys focused on the City's capacity to manage expenses and achieve its goals, as well as possible revenue options for the City. The City also held a series of public meetings that focused on specific expense, revenue and asset options needed to achieve long-term financial stability.
This spring, the second phase of the LTFP consultation will seek public input on governance and decision-making, and financial accountability and oversight of the City's services and agencies.