Ontario Construction News staff writer
Toronto city council has approved its 2024 operating budget and a 2024-2033 capital budget and plan of $49.8 billion. It is the first budget in a new multi-year approach.
Approved spending includes funding for the Scarborough Busway.
To address critical infrastructure needs and accelerate much needed capital projects, the budget includes a $50 million “Back on Track Fund”.
Leveraging capital funding from an agreement with the Ontario government, this fund will support urgent state-of-good-repair work, address infrastructure deficiencies and enhance public spaces across the city.
The opening operating budget pressure was $1.776 billion primarily due to growing demand for refugee claimant support and shelter spaces and decreased transit revenues.
Also, the 2024 Capital Budget includes a 1.5 per cent City Building Fund levy increase for residential properties to fund critical investments in transit and housing. The City Building Fund levy will increase 0.55 per cent for multi-residential properties, 0.75 per cent for commercial properties and 1.5 per cent for industrial properties.
“This budget protects services from painful cuts, responsibly addresses the almost $1.8 billion shortfall and directs funds to key affordable housing, transit and community safety initiatives,” said Mayor Olivia Chow.
