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June 23, 2003
Committee to develop a financial blueprint for Toronto
  
A new financial plan for the City of Toronto was the focus today at the first
meeting of the Five-Year Fiscal Plan Ad Hoc Committee.

Although the City is currently in good financial condition, every year the City
faces significantly increasing financial pressures, managed with short-term,
one-time fixes. The Committee, together with CAO Shirley Hoy and CFO/Treasurer
Joseph Pennachetti, will develop a five-year financial blueprint for the City
for presentation to Council in the spring 2004.

"This is a challenging endeavour," says Committee Chair Councillor David
Shiner. "There is a huge gap between what the City can afford to deliver and
the money coming in the door to pay for it. One-time fixes don't work. It will
take long-term sustainable financial planning and the cooperation of all levels
of government to keep Toronto a vibrant city over the next five years and
beyond."

Committee membership includes the Chair and six City Councillors, Brian Ashton,
Doug Holyday, Peter Milczyn, Ron Moeser, David Soknacki and Michael Tziretas.

The five-year fiscal plan will ensure fiscal sustainability by addressing three
major components; asset and liability funding, expenditure strategies and
revenue strategies. The Committee has endorsed the following mandate:

Operating Budget Issues:
-- Determining the priority programs/services within the mandate of the City
-- Identifying transparent and predictable levels of service
-- Project efficiencies and allocations of savings
-- Further opportunities to enhance user fees and other revenues
-- Forecast assessment growth and impacts of Bill 140 relative to its
long-term impact on the City's ability to fully access its property tax base
-- Achieve sustainable and targeted funding sources from senior levels of
government

Capital Budget Issues:
-- A long-term capital plan and financing strategies to provide sustainable
sources of funding
-- Sustainable and targeted funding sources from senior levels of government

Assets and Liabilities Issues:
-- Long-term funding strategies for physical and financial assets and
liabilities

The Committee will meet again in July 2003. Meetings are open to the public.

Media Contact:
Councillor David Shiner, 416-395-6413
Cindy Bromley, Finance Communications Manager, 416-392-4993



 

 

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