John Tory's budget to boost taxes 3.2%.
- Thread starter boodog
- Start date
City of Toronto: previous City budgets http://www.toronto.ca/city_budget/budget_summaries.htm
2011 Budget
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.
No Tax Increase.
2012 Budget
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.
Tax increase was needed to reduce the City's reliance on one-time revenues from $327 million to $102 million.
2013 Budget
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.
Tax increase was needed to eliminate an opening operating budget pressure of $465 million and to reduce its reliance on one-time/unsustainable revenues to balance the budget.
2014 Budget
Norm Kelly's proposal for the 2014 budget was 1.75% + 0.5% for the subway which is what was approved. Mayor Rob Ford objected the proposal package.
Lets the city records summarize for you:-
City of Toronto: previous City budgets http://www.toronto.ca/city_budget/budget_summaries.htm
2011 Budget
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.
No Tax Increase.
2012 Budget
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.
Tax increase was needed to reduce the City's reliance on one-time revenues from $327 million to $102 million.
2013 Budget
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.
Tax increase was needed to eliminate an opening operating budget pressure of $465 million and to reduce its reliance on one-time/unsustainable revenues to balance the budget.
2014 Budget
Norm Kelly's proposal for the 2014 budget was 1.75% + 0.5% for the subway which is what was approved. Mayor Rob Ford objected the proposal package.
I didn't even vote for Tory yet I support him and belive that I'll evntually be ok with the budget.
Boodog and happ... I try real hard to be open minded but don't be stupid.
Your taxes went up under Ford.
Your user fees went up under Ford.
Arguing these facts embarass yourselves..... YOU DID PAY MORE TAXES AND USER FEES!!
If you truly believe you don't pay more now than you did pre-Ford... I'm sorry.... you're stupid.
You wanna fix the whole budget shortfall without a line of credit from the province? Then encourage your councillor to vote against the unnecessary Scarborough Subway.
that .05% for the next 30 years that will never pay for itself irritates the "fak" outta me.
Don't be naive.... Some people here should be ashamed of how ignorant they are.... Posting here - bashing Tory while trying desperately to applaud Ford yet so obviously-ignorant....
YOUR TAXES WENT UP UNDER FORD!!!!!!
If you refuse to acknowledge that - you really should stop trying to pretend you have a legitimte opionion regarding anything that is happening in Toronto.
Boodog and happ... I try real hard to be open minded but don't be stupid.
Your taxes went up under Ford.
Your user fees went up under Ford.
Arguing these facts embarass yourselves..... YOU DID PAY MORE TAXES AND USER FEES!!
If you truly believe you don't pay more now than you did pre-Ford... I'm sorry.... you're stupid.
You wanna fix the whole budget shortfall without a line of credit from the province? Then encourage your councillor to vote against the unnecessary Scarborough Subway.
that .05% for the next 30 years that will never pay for itself irritates the "fak" outta me.
Don't be naive.... Some people here should be ashamed of how ignorant they are.... Posting here - bashing Tory while trying desperately to applaud Ford yet so obviously-ignorant....
YOUR TAXES WENT UP UNDER FORD!!!!!!
If you refuse to acknowledge that - you really should stop trying to pretend you have a legitimte opionion regarding anything that is happening in Toronto.
Tory has now stated the city will not be borrowing the money from the province. They will balance the budget in other ways.
BTW did anyone happen to notice the 86 million that would have gone to the city is the same amount of the latest prop up of the MARS project.
BTW did anyone happen to notice the 86 million that would have gone to the city is the same amount of the latest prop up of the MARS project.
1) Yes, instead of a loan from the province they will be obtaining a loan/loans from financial institutions.
With a little bit of budget wizardry, a shuffling of operating budget items to capital budget items to paper over the inconvenient legislative requirement that the City cannot have an operating budget deficit, Tory is treading into dangerous territory to fund his unfunded operating budget increase. So what in reality is obtaining loans from financial institutions to fund operating budget items is now masked as borrowing for capital budget items.
The problem with this lil' bit of hocus-pocus is that it will inevitably become an endless loop whereby, year after year Tory and Co. will be going to financial institutions to obtain loans to finance the operating budget which is not only legislatively illegal but will also expose Toronto taxpayers to paying ever increasing deficit financing costs.
It takes a politician with a backbone to actually look the taxpayer's in the eye and say, "We cannot have increased and improved services if we don't pay for them. taxes will have to rise much above the rate of inflation to pay for the promises I have made to you. Plans without funding are not plans."
2) An even more ironic and more locally pertinent observation/question is:
Did you notice that anticipated $86million budget shortfall is roughly the same amount budgeted for the cancellation costs of the Scarborough right-of-way LRT project so that an unneeded, unnecessary, unwarranted, meritless +$2billion of scarce taxpayer dollars can be wastefully and scandalously budgeted to build the political Gravy Train aka The BDL Subway Extension?
30 years of consecutive budgets to follow where the 'irony' of it all will be supplanted by it's sheer and galling audacity.
3) Anyone with a reasonably functioning brain would have automatically tuned out Tory long ago when he stated he supports the BDL Gravy Train. That in itself should have been more than enough to come to the conclusion that he values political gain over reasoned and rational thought towards what is in the best interests of Torontonians.
4) His 'unfunded' campaign promises were so blatantly disingenuous at the time and still are. And now with the addition of his 'broken' promises and hocus-pocus funding thereof, the evidence of which should be so clear as to erase the opaqueness of his masquerade.
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Other ways?
1) Borrow from commercial bank(s)? Same shit just different toilets?
2) As Charles Souza suggested utilizing the surplus from prior years? Emeritus Mayor Rob Ford's years.
http://news.nationalpost.com/2015/01...alance-budget/
Lets talk serious.
Its a John Tory's Toronto issue.
It isn't a Liberal Ontario's MARS project issue.
Please stop hanging around too much with the snake oil salesman John Tory.
Nobody will take you serious if you reserve all credits for John Tory if things work. If fails blame someone else and in this case the Liberal Ontario.
Other ways?
1) Borrow from commercial bank(s)? Same shit just different toilets?
2) As Charles Souza suggested utilizing the surplus from prior years? Emeritus Mayor Rob Ford's years.
http://news.nationalpost.com/2015/01...alance-budget/
Lets talk serious.
Its a John Tory's Toronto issue.
It isn't a Liberal Ontario's MARS project issue.
Please stop hanging around too much with the snake oil salesman John Tory.
Nobody will take you serious if you reserve all credits for John Tory if things work. If fails blame someone else and in this case the Liberal Ontario.
Fixed it again for you.
You're welcome... I know you struggle with the English language.
Pretty easy to create a surplus when you raise taxes and user fees while cutting services.
Of course the surplus was from last years budget which means from Norm Kelly's supervision, not Ford's.
