Three months after he was elected mayor of Toronto, John Tory has released his first budget in City Hall.
The budget, largely prepared by city staff and City Manager Joe Pennachetti prior to the election, was presented during a committee meeting on Tuesday morning.
The city budget comes in two parts: operating and capital. The operating budget is used for annual costs, salaries and maintaining services and centres provided by the city. It includes recreational programs, parks maintenance, emergency services, garbage collection and water purification. It's mostly funded by property taxes and provincial grants.
The capital budget includes construction costs, infrastructure repairs and other one-time expenses. It includes updates and maintenance of libraries, community centres, fire stations and sewage facilities. It's mostly funded by property taxes, but money also comes from reserves and other levels of government.
After receiving the two-part budget, the committee will spend the next month reviewing the details before wrapping up on Feb. 20. During the month-long review, the committee will hear from those in charge of specific projects and programs, and will invite the public to make presentations.
The final draft of the budget will be sent to Toronto's executive committee on March 2, and will be presented to city council on March 10.
Flanked by the budget chair, Tory revealed some details about the proposed 2015 operating and capital budgets.
"It's a sensible, prudent, balanced budget," Tory told reporters at City Hall.
Here are 10 key numbers:
Operating budget
- The budget proposes a tax increase of 2.25 per cent, "well below the rate of inflation," Tory said. That hike does not include a 0.5 per cent Scarborough subway levy, however, so taxpayers will actually see an increase of 2.75 per cent. Tory said he was "very proud" of the decision.
- The budget suggests approximately $14.4 million in new funding should go towards supporting the city's most vulnerable residents, including the homeless.
- Tory and Pennachetti agreed that 181 beds should be added to Toronto's shelters.
- Nearly half (46 per cent) of the money allocated to investments will go toward Toronto's transit system, if the budget is approved.
- Tory and Budget Chair Gary Crawford have asked each city division to meet a two per cent efficiency target, which would bring another $80 million to the city.
Capital budget
- Approximately $35 million of the capital budget will go toward infrastructure, including maintenance of transit systems and roadways.
- Nearly $433 million will be spent to accelerate Gardiner Expressway repairs. Crawford said the money will speed up the project by eight years. Initial estimates were that the renovation of the elevated portion of the Gardiner would take 12 years.
- The TTC may be getting 60 subway cars, if the budget is approved. The capital budget suggests spending $162 million for the cars.
- Crawford's budget also proposes spending $600 million to purchase 810 buses to replace Toronto's aging fleet.
- Crawford proposed investing $626 million into building and maintaining the city's parks, forests and recreational areas.
