City of Toronto  

Living in TorontoDoing businessVisiting TorontoAccessing City Hall
 
All news releases
Last 30 days
By month
Search
   
Newsroom
   
Archived news release by year
  2013
  2012 - 2011 - 2010
  2009 - 2008 - 2007
  2006 - 2005 - 2004
  2003 - 2002 - 2001
  2000 - 1999 - 1998
   
RSS identifier linked to feed RSS
   
   
 
January 28, 2000
City Council Approves $981 million Capital Budget Program for 2000
  
The City of Toronto's first capital budget of the new century was approved by
Council today, giving clear priority to maintaining the city's facilities and
infrastructure with strategic investments in growth/investment projects.

For 2000, the Capital Budget is $981 million. Another $800 million of the
budget is committed as project cash flow over the next four years, for a total
Capital Budget of $1.8 billion.

The $981 million Capital Budget Program strikes a balance between TTC cost
pressures, the demand for new investments, the need for maintenance of the
City's infrastructure, and the introduction of new, longer-term
state-of-good-repair programs for City assets.

"We've brought in a strong capital budget for our citizens and our debt is
less," said Mayor Mel Lastman. "However, we still have work to do. We must put
a cap on our debts while still maintaining our services and infrastructure."

Councillor Tom Jakobek, Chair of the Budget Committee, said that, "I'm
satisfied that the City's Capital Budget is being reduced to $981 million.
However, I am still concerned over the $64 million being added to the debt. We
must ensure that the 2001 Budget freezes our debt and that we begin to pay it
down by 2002. It's important that we get back our triple A rating from all Bond
agencies and that we reduce the cost of borrowing."

"This has been a particularly challenging capital budget process," said Chief
Administrative Officer Michael R. Garrett. "It also points out the importance
of our plans to complete a state-of-good-repair inventory for all our assets;
to move toward solid five-year capital plans; and to ensure all the city's
policies and processes contribute to fiscal sustainability."

"The 2000 Capital Budget has been reduced from $3 billion in 1999, and still
puts plans in place for the City's future, said Chief Financial Officer and
Treasurer, Wanda Liczyk." It is a fiscally responsible budget that affords both
sustainability and growth of our City."

CAPITAL BUDGET HIGHLIGHTS:

The 2000 Capital Budget Program includes funding for the Base Program and for
the Extraordinary Program.

Base Programs - $705 million

Toronto Transit Commission (TTC) capital projects receive $270 million of base
program dollars. These funds will help provide for subway and surface track
replacement, subway car replacement and other state-of-good-repair projects.

Other base program highlights include:
- Roads, bridges and traffic: $122 million
- parks and recreation: $44 million
- police: $10 million
- solid waste: $21 million
- other: $195 million

Significant base program projects include:
- 148 kilometres of road resurfacing and reconstruction ($52 million)
- bridge rehabilitation ($23 million)
- expressway rehabilitation ($43 million)
- parks and recreation infrastructure upgrades and rehabilitation ($7 million)
- development of 45 parks ($14 million)
- completion of two major community centres ($11 million)
- completion of fire/police radio systems ($18 million)
- completion of mixed-waste processing facility ($9 million)
- upgrades to Toronto Zoo ($10 million)
- upgrades and construction of new library facilities ($7 million)


Extraordinary (one-time expenditures) Program - $276 million

- continuing transition projects ($70 million)
- Year 2000 (Y2K) Project ($20 million)
- continuing Sheppard Subway project ($186 million)

NOTE: The water and waste-water capital budget program will be reviewed during
the 2000 operating budget deliberations.


Media Contact
Access Toronto
(416) 338-0338

 

 

Toronto maps | Get involved | Toronto links
© City of Toronto 1998-2019