On February 15th, the 2017 budget for the City of Toronto was approved by Council. Through this year’s budget process we were able to hold the property tax increase in line with inflation at 2%.
This year’s budget process has allowed us to save approximately $188 million through expenditure changes and finding new efficiencies. The tax-supported operating budget of $10.5 billion will not only support current services, but through the above savings we have also made increased investments in social housing, child care and the Toronto Transit Commission, just to name a few.
I am happy to say that $43 million dollars of the budget will be dedicated to new and enhanced services, including investments in poverty reduction, safe transportation and city building. Further to this, $250 million has been provided for capital repairs to social housing- this contribution has never been higher. The City has also increased its subsidy to the Toronto Transit Commission to $80 million, over the last few years it has typically been $20-$30 million.
I would like to thank Ward 16 residents for participating in this year’s budget consultation. I look forward to engaging with you on other topics throughout 2017.