The 2018 city budget is set to go to city council on Monday. It is being described by Toronto Mayor John Tory as “balanced” and “affordable”, focusing on low taxes and transit.
The $11 billion operating budget sets the tone for services and capital projects for the next year. The city is planning on investing in transit, shelters, recreational spaces, and the Vision Zero plan, among others. The revenue for this budget is being collected from various sources, including taxes, TTC fares, provincial grants, and reserve funds.
Residential property taxes are set to increase 2.1 per cent along with the rate of inflation, while commercial taxes will only increase by one per cent. The city will be relying on approximately $800 million collected from the municipal land transfer tax to fund services, something city manager Peter Wallace says is dangerous considering the real estate market.
The budget will include $9 million for traffic initiatives, including $1.6 million for traffic wardens, $477,000 to fix temporary lane blockages on the Gardiner and Don Valley Parkway, and $2.7 million for smart traffic signals. “Over the last three years, people across the city have made it clear that traffic is one of the most important issues they expect City Hall to tackle,” said Chair of Public Works and Infrastructure Jaye Robinson, in a statement. “The 2018 budget builds upon work we have done each and every year on the City’s congestion plan to get Toronto moving.”
There will be a significant investment in transit this year, with over $50 million in new investments to the Toronto Transit Commission, including $4.8 million for the TTC Fair Pass, which will provide discounts for low-income riders, and the hop-on-hop-off transfer.
“I want every transit rider in this city to know that I am absolutely committed to improving and expanding the TTC so that their daily commute improves,” said Tory. “We are doing everything possible to make sure the existing system is running properly and that we are expanding transit as fast as possible for the future.”
Other highlights include $279 million in new funding for Toronto Community Housing Corporation, $486 million for the George Street revitalization, the creation of 825 new child care and 20,000 new recreational spaces.
