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Toronto 2014 Operating Budget

Toronto 2014 Operating Budget. Wednesday November 27, 2013 Social Planning Toronto. Background – Operating Budget. The City must approve a balanced Operating Budget Unlike federal and provincial governments, municipalities cannot run an operating deficit No borrowing to meet shortfall

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Toronto 2014 Operating Budget

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  1. Toronto 2014 Operating Budget Wednesday November 27, 2013 Social Planning Toronto

  2. Background – Operating Budget • The City must approve a balanced Operating Budget • Unlike federal and provincial governments, municipalities cannot run an operating deficit • No borrowing to meet shortfall • Emergent issues must be funded with reallocations or from emergency reserves • No contingency fund is provided • Canadian municipalities receive just 8¢ of every tax dollar collected in Canada • 50 cents goes to the federal government • 42 cents goes to the provincial/territorial governments Community Budget Priorities

  3. Background – The Structural Challenge • Property taxes don’t grow with economy or inflation • The amount collected by property taxes remains unchanged unless the rate increases. • Operating costs increasing faster than revenues • 1% increase in City expenses = $95 million • 1% overall increase in property taxes = $37 million • 1% increase for an average homeowner = $24 • Provincial downloading and no cost share on transit • The repeal of the Personal Vehicle Tax • Eliminated $64 million per year • Property Tax Freeze for 2011 • Eliminated over $57 million per year The Mayor, still backed by some Councillors, continues to promise to reduce the Municipal Land Transfer Tax by 10% - and eventually eliminate it. The MLTT brings in over $300 million every year. Community Budget Priorities

  4. Budgets at a Glance 9,598 Paid by user fees, federal/ provincial transfers, etc. 6,654 Paid by property taxes – average less than 3% increase per year

  5. 2014 Operating Budget - $9.598 Billion TTC & Transportation Provincially Mandated Municipal Services Governance Mortgage payment on Capital Projects Emergency Services

  6. Where the $3.765 Billion Tax Levy Goes

  7. Paying For 2014 Operating Budget • Plus TTC fare increase • $0.05 fare increase ($21M) • $5.25 MetroPass increase ($9M) The general inflation assumption used in the 2014 Budget is estimated at 2.2%. But… divisions were asked to keep to a 0% increase versus 2013 budget. Most divisions achieved the target.

  8. Comparison of 2013 Average Property Taxes - GTA Municipalities $3,274

  9. Capital Plan Financing * Scarborough Subway debt does not show up in the Capital Plan until 2019

  10. Some Budget Highlights – on the face of it… • 30 bed women’s shelter • 16 new Free Program (aka Priority Centres) starting in September 2014 • 2 new libraries • 31 new Fire Inspectors – converted from firefighter positions • 3 recruitment classes of police officers totalling 300 • 56 new paramedics

  11. Previous Budgets – wins & losses

  12. Previous Budgets – wins & losses

  13. Previous Budgets – wins & losses

  14. Budget Process for 2014 9 Weeks Public Input

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