New Deal money helps City of Toronto balance 2006 Capital Budget |
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Today the City of Toronto launched its 2006 proposed Capital Budget review at a
joint meeting of the Policy and Finance Committee and Budget Advisory
Committee. This proposed budget shows the benefits of the provincial and
federal governments' 2006 gas tax contribution totalling $189 million.
"We are beginning to see the impact of the money we have secured through the
New Deal," said Mayor David Miller. "As a result, this year we have some room
in the budget to buy new TTC hybrid and diesel buses, address the backlog in
road repairs, and fund waterfront improvements."
This proposed budget achieves a balance that meets council priorities and the
City's affordability guidelines. The Budget Advisory Committee, challenged with
financing the City's growing backlog in infrastructure maintenance, begins to
review the budget that supports Council's city-building priorities, including
improving public services, making Toronto a clean and beautiful city,
transportation and the waterfront.
"We have major fiscal challenges managing Toronto's role as Canada's economic
engine," said Chair of the Budget Advisory Committee, Councillor David
Soknacki. "Still, our budget process has improved, we are reaching our fiscal
targets and we are planning for the City's financial future with long-term
"Our Capital Budget places a priority on health and safety, legislation
mandated, and state-of-good-repair, as well as service improvements aligned
with Council's highest priorities," added City Manager Shirley Hoy. "We must
meet these priorities, while maintaining our infrastructure and ensuring that
growth demands are addressed."
"This proposed Capital Budget meets the Council approved targets," said Deputy
City Manager and Chief Financial Officer, Joseph Pennachetti, "however we are
faced with the challenge of meeting our future capital needs within our debt
targets for the next four years."
With the 2006 Capital Budget, the City begins making changes to the budget
process. Approvals will come by year end, allowing staff to work within a full
fiscal year. Capital budget planning will now move to a longer term with the
introduction of a five-year capital plan.
Today's joint meeting signals the beginning of the budget review process. The
2006 proposed Capital Budget will be reviewed by City Council on December 8 and
9. The City's proposed Operating Budget will be launched on January 4, 2006
with final Council approvals scheduled for March 27-31, 2006.
Standing Committee Reviews - Public Deputations in Committee Room 1 or 2
- Administration Committee, November 7 at 10 a.m.
- Planning and Transportation Committee, November 7 at 9:45 a.m.
- Community Services Committee, November 8 at 10 a.m.
- Works Committee, November 9 at 9:30 a.m.
- Economic Development and Parks Committee, November 9 at 11 a.m.
- Budget Advisory/Policy & Finance Committee, November 23
Patchen Barss, Office of the Mayor, 416-338-7134
Paul Ainslie, Office of Councillor David Soknacki, 416-392-4007
Cindy Bromley, Finance Communications, 416-392-4993