The salaries for Toronto's next mayor and city councillors could be bumped up by almost 13 per cent.

In a report set to be considered next Wednesday, Toronto's executive committee will debate whether to hike a mayor's current salary from $177,499 to $200,013, and councillors’ salaries from $105,397 to $119,025. The proposed salary hike would come into effect on Jan. 1, 2015.

The other option outlined in the report would be to maintain the current salary levels, adjusted for inflation.

In the report, consulting firm OCG compared the salaries of Toronto's city council with 15 other municipalities.

Currently, salaries of councillors in Canada's largest city sit at the 37th percentile of comparable municipalities. Their counterparts in cities such as Mississauga ($133,078), Markham ($122,908) and Montreal ($121,200) earned more.

Meanwhile, Mayor Rob Ford's salary sits at the 61st percentile -- less than Calgary's popular Mayor Naheed Nenshi's salary ($208,459), Mississauga's long-time Mayor Hazel McCallion ($187,605) and Markham Mayor Frank Scarpitti ($178,030).

A review of city council's salary is required at the end of every term. According to Toronto's municipal code, compensation of elected officials should fall within at least the 75th percentile of comparative regions and cities. Previous city councils have voted to waive that bylaw in the past.

In order for the salaries of city councillors and the mayor to fall to within that 75th percentile, they need to be hiked by 12.9 per cent and 12.7 per cent respectively.