Open up your pocket book Toronto, taxes are poised to jump 3.2% under the city’s proposed 2015 budget.
But that spending plan is contingent on city council’s approval in March and an $86-million contribution from the Ontario government.
John Tory delivered his first budget Tuesday morning, proposing a property tax hike of 2.25%. That hike would boost the $2,596 property tax bill paid on an average home — one assessed at about $525,000 — by $58.66.
But it doesn’t stop there.
The Scarborough subway levy adds an additional 0.5% to the tax increase, which translates to $13.04 on the average bill. That brings Tory’s increase to 2.75% — or $71.70 for the average homeowner.
Provincial assessment charges add another 0.45%, or $11.49 to the bill, bringing the total proposed increase to 3.2% or $83.19 for the average homeowner.
“These budgets balance the need to invest in services and infrastructure to support today’s residents — especially our most vulnerable people — while still keeping Toronto affordable,” he said.
Tory promised during the election campaign last fall that he would bring in taxes at or around the rate of inflation. The city’s rate of inflation sits at 2.6% according to Statistics Canada, compared to the national average of 1.95%.
Tory claimed victory during the press conference, flanked by his Budget Chief Gary Crawford and City Manager Joe Pennachetti.
“(This) will help Toronto families keep more of their money in their pockets,” he said.
The big winners under the city’s operating budget are the TTC, the city’s shelter and housing support services and the Emergency Medical Services.
Transit funding will be boosted by $34.5-million. The budget would add 181 shelter beds and new facilities built to help homeless youth and women to the tune of nearly $8-million.
The city will also beef up its compliment of paramedics, hiring 56, to accommodate increased call volumes.
“I believe these investments are critically important,” Tory said. “Just as I believe we need to carefully watch how we spend our tax dollars.”
But Tory’s plan counts on the province delivering $86-million in funding. Ontario Finance Minister Charles Sousa released a statement offering a $200-million loan, but no out-right grant.
“When the City recently came to us with a request for financial support, we proposed to offer a line of credit for up to $200 million, secured by land holdings owned by the city,” Sousa said in the statement.
Tory’s spokesman Amanda Galbraith confirmed the mayor’s office would accept the offer “in principle” but negotiations continue.
Another challenge that could await Tory is the spending freeze budgeted for the Toronto Police Service, which enters contract negotiations with officers this year.
The budget introduction Tuesday marks the beginning of a consultation process which will wrap up when city council finalizes the budget on March 10-11.
http://www.torontosun.com/2015/01/20/tory-releases-his-first-budget-as-mayor
But that spending plan is contingent on city council’s approval in March and an $86-million contribution from the Ontario government.
John Tory delivered his first budget Tuesday morning, proposing a property tax hike of 2.25%. That hike would boost the $2,596 property tax bill paid on an average home — one assessed at about $525,000 — by $58.66.
But it doesn’t stop there.
The Scarborough subway levy adds an additional 0.5% to the tax increase, which translates to $13.04 on the average bill. That brings Tory’s increase to 2.75% — or $71.70 for the average homeowner.
Provincial assessment charges add another 0.45%, or $11.49 to the bill, bringing the total proposed increase to 3.2% or $83.19 for the average homeowner.
“These budgets balance the need to invest in services and infrastructure to support today’s residents — especially our most vulnerable people — while still keeping Toronto affordable,” he said.
Tory promised during the election campaign last fall that he would bring in taxes at or around the rate of inflation. The city’s rate of inflation sits at 2.6% according to Statistics Canada, compared to the national average of 1.95%.
Tory claimed victory during the press conference, flanked by his Budget Chief Gary Crawford and City Manager Joe Pennachetti.
“(This) will help Toronto families keep more of their money in their pockets,” he said.
The big winners under the city’s operating budget are the TTC, the city’s shelter and housing support services and the Emergency Medical Services.
Transit funding will be boosted by $34.5-million. The budget would add 181 shelter beds and new facilities built to help homeless youth and women to the tune of nearly $8-million.
The city will also beef up its compliment of paramedics, hiring 56, to accommodate increased call volumes.
“I believe these investments are critically important,” Tory said. “Just as I believe we need to carefully watch how we spend our tax dollars.”
But Tory’s plan counts on the province delivering $86-million in funding. Ontario Finance Minister Charles Sousa released a statement offering a $200-million loan, but no out-right grant.
“When the City recently came to us with a request for financial support, we proposed to offer a line of credit for up to $200 million, secured by land holdings owned by the city,” Sousa said in the statement.
Tory’s spokesman Amanda Galbraith confirmed the mayor’s office would accept the offer “in principle” but negotiations continue.
Another challenge that could await Tory is the spending freeze budgeted for the Toronto Police Service, which enters contract negotiations with officers this year.
The budget introduction Tuesday marks the beginning of a consultation process which will wrap up when city council finalizes the budget on March 10-11.
http://www.torontosun.com/2015/01/20/tory-releases-his-first-budget-as-mayor
