Toronto's financial blueprint moves forward|
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The City of Toronto will need an estimated $272 million every year in new
funding dollars just to maintain current service provision.
"And this doesn't include additional anticipated pressures such as the waste
diversion program, official plan related growth, recovery from the impact of
SARS, programs impacted by an economic downturn or service expansion demands
for tuberculosis," stated Chief Financial Officer and Treasurer Joseph
Pennachetti as he presented the Five-Year Fiscal Plan Ad Hoc Committee with a
review of the City's financial outlook.
The Committee, chaired by Councillor David Shiner, held its second meeting
working towards the development of a new financial blueprint for the City.
Today the Committee reviewed the historical financial pressures and the
solutions utilized since amalgamation, as well as an analysis of the City's
five-year fiscal forecast in an endeavour to identify the challenges that lay
The Five-Year Fiscal Plan Ad Hoc Committee will review core services currently
being delivered, suggest a prioritization of services and ensure that these
services are funded. The Committee will further explore service efficiencies,
review best practices and consider service level reductions, building on the
work done to reduce City expenditures since amalgamation in 1998.
"The City is being abandoned by the Province," commented Shiner. "We can't
afford to continue to make up for the provincial shortfall, for programs that
the City delivers on the Province's behalf. Without proper funding, we'll have
to return the responsibility for delivering provincially-mandated programs back
to the Province."
Pennachetti suggested that the new deal be defined as a combination of
reviewing the current partnership with the Province, identifying new a
cost-sharing plan for specific programs, proposing the uploading of some
services such as social housing and social assistance back to the province to
be funded from income tax revenue instead of property tax revenue and securing
new funding sources for the City.
Committee membership includes the Chair and six City Councillors, Brian Ashton,
Doug Holyday, Peter Milczyn, Ron Moeser, David Soknacki and Michael Tziretas.
The Committee will meet again in September 2003 in preparation for a
presentation of a five-year financial blueprint for the City to Council in the
The CFO/Treasurer's presentation is available on line at
Councillor David Shiner, 416-395-6413
Cindy Bromley, Finance Communications Manager, 416-392-4993