Toronto 2015 Budget makes significant investments in transit and poverty reduction
The 2015 recommended budget is focused on getting Toronto moving by improving
transit and transportation, and making key investments to help families and support
the city's most vulnerable residents.
On March 9, 2015, Mayor Tory, Councillor Crawford and City staff met with
members of multilingual media for a Toronto 2015 Budget briefing. Media received a
technical briefing by City staff on the budget. Mayor Tory made remarks and was
available to media at the end of the briefing.
"Toronto's 2015 budget is focused on getting Toronto moving, putting families first
and keeping taxes low," said Mayor John Tory. “This budget is about investing in
better transit, better housing, more jobs and an end to the gridlock that is choking
our streets – all while maintaining property taxes below the rate of inflation."
The recommended operating budget of $11.4 billion delivers significant service
improvements in key priorities and proposes no major services cuts, while keeping
City’s finances strong. The proposed residential property tax increase is 2.25%,
below the current rate of inflation. Efficiencies and other savings of $110 million
have been identified for this budget, largely coming from the TTC and the Toronto
Police Service. These savings will result in no cuts to service.
The budget makes an historic investment of $90 million in the TTC to reduce waiting
and crowding on the system. The investment will eliminate fares for children, provide
ten minute or better bus and streetcar service, restore all day, everyday bus service
that was cut by the previous administration, add express bus routes, and add
additional subway trains during rush hour.
The recommended capital budget of $32 billion for 2015-2024 will maintain and
invest in the City's state of good repair for its aging infrastructure. It also continues
to fund the City's two largest transit investments Toronto-York Spadina Subway
Extension ($592 million) and the Scarborough Subway Extension ($3.4 billion).
The City of Toronto’s Budget Committee began the budget process in January to
review the 2015 staff recommended tax supported and rate supported budgets.
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Keerthana Kamalavasan 3/12/2015 |
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