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November 26, 2008
Toronto’s 2009 Capital Budget and 10-year Capital Plan and Forecast will invest in infrastructure and create thousands of jobs
  
The City’s Executive Committee today approved the 2009 Capital Budget and the Capital Investment Plan for the next five and 10 years, which will invest in infrastructure assets and create or protect thousands of jobs in Toronto. If approved by Council, the $14.7 billion 2009-2013 Capital Plan and the $25.9 billion 2009-2018 Capital Plan and Forecast would make significant investments towards rehabilitating existing assets and providing new infrastructure. This includes funding of $3.7 billion for 2009-2013 and $8.2 billion for 2009–2018 for Toronto Water and Solid Waste, which was previously approved by Council.

“In an uncertain economy, the capital budget will support Toronto's vital infrastructure, and create an average of 35,000 jobs a year over the next five years,” said Mayor David Miller. “Over the next 10 years, these investments will have a positive impact on the economy and help create almost 300,000 jobs.”

According to a Federation of Canadian Municipalities (FCM) study and model, which is also used by the Bank of Canada, local governments can estimate how many jobs will be created by investing in infrastructure projects. Using the FCM model, Toronto’s five-year Capital Plan of $14.7 billion would create 170,000 jobs or approximately 35,000 jobs each year for the first five years.

The City’s 10-year Capital Plan and Forecast of $25.9 billion is expected to create or protect approximately 300,000 new jobs over 10 years. The $25.9 billion 10-year capital program is to be financed by the Federal Government ($3 billion or 12 per cent), Provincial Government ($3 billion or 12 per cent) and the City of Toronto ($20 billion or 76 per cent).

“We know how much people count on City infrastructure – from transit and roads, to community centres and libraries, we’re investing in Toronto’s continued success,” said Councillor and Budget Chair Shelley Carroll. “By investing in local infrastructure, the City can continue to deliver the high-quality programs and services that residents expect, and secure Toronto’s long-term economic prospects.”

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 numerous awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contacts:
Stuart Green, Deputy Communications Director, Office of the Mayor, 416-338-7119, stugreen@toronto.ca; Councillor Shelley Carroll, 416-392-4038, councillor_carroll@toronto.ca


 

 

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