Toronto is proposing a municipal sales tax as part of a slew of new measures aimed at easing a projected $46.5 billion in budget pressures over the next decade, an “unprecedented financial crisis” that if left unaddressed threatens the fiscal foundations of the city.
Speaking at a news conference later Thursday, Toronto Mayor Olivia Chow noted that even if the city adopts all of the various possible revenue tools outlined by staff in the report, they still would not generate enough money to make up for projected budget shortfalls in the long-term.
Both federal Finance Minister Chrystia Freeland and Ontario Premier Doug Ford have repeatedly declined previous requests from the city for additional funding to address its budget hole.
Staff also repeatedly stressed more funding from other levels of government is needed to prevent “significant tax increases,” major service reductions or the outright cancellations of capital projects that “align with shared goals.”
Staff are also urging council to notify the province that “in the absence of a revised funding model,” the city will not be able to move forward with 978 new long-term care beds set to be introduced in coming years.
Tory requested in February that staff look into new tools to generate more revenue, as the city faces projected $1.5 billion budget shortfalls for this year and next in the wake of the COVID-19 pandemic and a grim long-term outlook.
The original article contains 1,162 words, the summary contains 228 words. Saved 80%. I’m a bot and I’m open source!
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Toronto is proposing a municipal sales tax as part of a slew of new measures aimed at easing a projected $46.5 billion in budget pressures over the next decade, an “unprecedented financial crisis” that if left unaddressed threatens the fiscal foundations of the city.
Speaking at a news conference later Thursday, Toronto Mayor Olivia Chow noted that even if the city adopts all of the various possible revenue tools outlined by staff in the report, they still would not generate enough money to make up for projected budget shortfalls in the long-term.
Both federal Finance Minister Chrystia Freeland and Ontario Premier Doug Ford have repeatedly declined previous requests from the city for additional funding to address its budget hole.
Staff also repeatedly stressed more funding from other levels of government is needed to prevent “significant tax increases,” major service reductions or the outright cancellations of capital projects that “align with shared goals.”
Staff are also urging council to notify the province that “in the absence of a revised funding model,” the city will not be able to move forward with 978 new long-term care beds set to be introduced in coming years.
Tory requested in February that staff look into new tools to generate more revenue, as the city faces projected $1.5 billion budget shortfalls for this year and next in the wake of the COVID-19 pandemic and a grim long-term outlook.
The original article contains 1,162 words, the summary contains 228 words. Saved 80%. I’m a bot and I’m open source!