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February 7, 2007
Toronto’s capital budget is ready for public comment
  
The Toronto Government’s capital budget will be introduced at City Hall on Thursday, February 8, 2007, providing an opportunity for Torontonians to learn about the 2007 capital budget and what infrastructure it will fund. Public presentations to the Budget Committee can also be scheduled.

On Monday, February 12, the public is invited to attend an information session and talk to City staff about the 2007 capital budget.

“This is a new and unique opportunity, designed to give all Torontonians more access to the budget process,” said Councillor Shelley Carroll, Budget Committee Chair. “For the first time, the public can meet directly with staff from City divisions and ask questions about the budget issues they care about.”

This information session will provide capital spending plans of the City, and more information about the challenges faced in funding major infrastructure in Canada’s largest city.

The City’s capital budget pays for the construction and maintenance of roads, purchase of transit vehicles, building of major facilities, and the purchase of major equipment. This budget funds the maintenance and construction of City assets and infrastructure which are required to support service to residents and businesses.

The Toronto Government has priorities for capital spending budget that includes addressing health and safety issues, maintaining the City’s assets in a state-of-good-repair, and responding to the infrastructure needs caused by growth and change in the city.

Most funding for capital projects comes from debt issuance, but also from partnership funding with the federal and provincial governments, and the use of reserve funds that finance the cost of large projects over a longer period of time.

As the economic engine of Canada, Toronto creates considerable growth but doesn’t get a share of those revenues that go to the federal and provincial governments as a result of Toronto’s growth. To fully fund the City’s capital budget requirements, Toronto must continue to seek a share of that revenue.

As a result of the funding shortfall, Toronto is unable to fund capital projects required to fully maintain its infrastructure, or develop the necessary solutions to major environmental or service issues which results in a continued backlog of capital funding requirements. The Conference Board of Canada said Toronto would have an annual capital and operating budget shortfall of $1.1 billion by 2006, including the cost of addressing its infrastructure backlog.

Capital Budget Schedule:

Thursday, February 8
Budget Committee introduces the 2007 Capital Budget, City Hall, Committee Room 1, 9:30 a.m.

Friday, February 9
Capital Budget Committee Hearings for Stakeholders (associations, businesses, organizations) and City Councillors, City Hall, Committee Room 1, 9:30 a.m.

Monday, February 12
Toronto Capital Budget Information Session: Torontonians can learn more about the City’s 2007 capital programs, talk to staff, and have their questions answered. No registration is required. Toronto City Hall Rotunda, 2 - 7 p.m.

Wednesday, February 14
Capital Budget Committee Hearings for General Public, City Hall, Council Chambers, 2 p.m.

Friday, February 16
Budget Committee’s Capital Budget Wrap-up, City Hall, Committee Room 2, 9:30 a.m.

Tuesday, February 27
Executive Committee considers the Capital Budget, City Hall, Location TBA, 9:30 a.m.

Wednesday, March 7
Toronto City Council considers the Capital Budget, City Hall, Council Chambers, 9:30 a.m.

Information about the City Budget is available at http://www.toronto.ca/city_budget/index.htm. Comments can also be e-mailed to citybudget@toronto.ca.

To make a presentation to the Budget Committee, please call 416-392-6662 or send an e-mail to clerk@toronto.ca.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of more than 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years Toronto has won more than 50 awards for quality and innovation in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contacts:
Cindy Bromley, Communications Manager, 416-392-4993
Kevin Sack, Strategic Communications Director, 416-397-5277


 

 

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