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.
Budget & Finances
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% property tax increase for residential properties. Included in the increase is dedicated funding (0.5% 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% for residential properties to make the total tax increase 2.71%. The total average increase for non-residential properties, which include rental apartment buildings, is 0.30%.
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.
Major advancements in achieving fiscal sustainability were made in the 2012 Budget. By bringing expenses more in line with City revenues, City Council reduced the City's reliance on one-time revenues from $327 million to $102 million.
On January 17, 2012, City Council approved a balanced tax-supported 2012 Operating Budget of $9.4 billion and a 2012-2021 Capital Budget and Plan of $14.8 billion. The 2012 Operating Budget includes a 2.5 per cent property tax increase for residents, a 0.83 per cent tax increase for businesses and a 10-cent fare increase for TTC customers.
The 2012 Budget marks the first decline in gross expenditures since Toronto's amalgamation with a $20 million decrease.
For 2011, Toronto City Council approved an Operating Budget that is balanced, includes no major service cuts, and does not include increases to property tax rates. The City's total 2011 budget for Operating, Capital and Rate Supported services is $13.326 billion.
The 2011 tax supported 2011 Operating Budget is $9.383 billion and is 38 per cent funded by property tax revenues totalling $3.579 billion. The budget maintained services at 2010 levels.
Estimates of capital spending for the tax supported 10-year 2011-2020 Capital Plan is a total of $12.755 billion. Capital expenditures to maintain and renew the City's substantive infrastructure total $7.270 billion, representing 57.4 per cent of the total 2011- 2020 Capital Budget and Plan.
On April 15, 2010, Toronto City Council approved a 2010 Operating Budget of $9.2 billion that includes a 2.9% property tax increase for residents and a 0.967% property tax increase for businesses.
The budget reflects the 24-hour / seven-day role that City government plays in protecting residents and delivering services. Local government provides the services that have the greatest impact on quality of life. This is especially important as the City recovers from the challenges of the world-wide economic recession.
In December 2009, Council approved the City of Toronto's 2010-2019 Capital Budget and Plan, which was built on the foundation established by the 2009-2018 Capital Budget and Plan. The 10-Year Capital Budget and Plan totals $25.735 billion; $16.199 billion of which is allocated to Tax Supported Programs; and $9.536 billion or 37 per cent to Rate Supported Programs such as Toronto Water, Solid Waste Management Services and Toronto Parking Authority.
On March 31, 2009, Toronto City Council approved an $8.7 billion Operating Budget. The 2009 Capital Budget is part of the $25.9 billion 10-year capital plan, previously approved in December 2008. In 2009, City Council also approved a property tax increase of four per cent for residential properties and 1.33 per cent property tax levy increase for multi-residential and commercial properties.
The City’s 10-year Capital Plan and Forecast of $25.9 billion (including Toronto Water and Solid Waste) is expected to create or protect approximately 300,000 new jobs over 10 years. The Plan and Forecast focus on development, maintenance and/or improvement of City assets such as transit, roads, bridges, community centers and libraries.