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November 27, 2007
Toronto’s 2008 Capital Budget moves on to City Council for final approval
  
The City of Toronto’s transit funding and climate change initiatives were the focus of Toronto’s Executive Committee yesterday as they approved the 2008 Capital Budget, which now goes to City Council for final review and approval on December 11.

Toronto’s Capital Budget supports the investment and reinvestment in the assets that support a liveable city. About 70 per cent of this budget is dedicated to state of good repair. It makes progress to keep the City’s aging infrastructure working but with continual pressures for key services including Parks, Forestry and Recreation, and transportation.

The five-year Capital Plan includes $118 million in new capital funding to meet Council’s Climate Change, Clean Air and Sustainable Energy Action Plan. This includes Toronto Energy Conservation, Toronto Green Energy, City facilities upgrades, and Live Green Toronto.

The Mayor’s commitment to invest $13 million in 13 priority neighbourhoods – leveraged with funds from other levels of government, community foundations and organizations, and private partners – will begin modestly in 2008, and will continue through the balance of this term of Council.

The 2008 recommended budget of $1.6 billion is marginally below the debt guideline set by Council. The five-year Capital Plan of $8.4 billion is mostly driven by the TTC ($4.4 billion) and the balance for City operations at about $4 billion. The TTC’s 2008 Capital Budget and 2009–2012 Capital Plan exceeds the affordable debt target by $420 million.

The TTC has initiated five transit projects subject to Provincial/Federal funding: streetcar replacement; Scarborough rapid transit upgrade; Yonge/University/Spadina subway capacity enhancements; accessibility; and GTA ratecard. If funding for these five projects is provided, City transit would then be fully funded. If the Provincial/Federal funding is not confirmed by mid-2008, the Capital Plan will be reduced accordingly to ensure debt guidelines are met.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 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 70 awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

See information on expenditures by category and financing source (PDF)

Media contact:

Cindy Bromley
Communications Manager
416-392-4993
416-892-9155 (cell)
cbromley@toronto.ca


 

 

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