Toronto passes $12 billion capital budget

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toronto city hall

Ontario Construction News staff writer

Toronto city council has approved a 2021 operating budget of $12.1 billion and a $29 billion 10-year capital budget. The budget preserves existing services within public health guidelines while managing the impacts of COVID-19 and continues to invest in key capital projects to build a more equitable and prosperous Toronto for all residents.

The 2021 tax-supported operating budget focuses on keeping property taxes affordable, preserving service levels and managing COVID-19 recovery and rebuild.

The budget includes $66 million in new investments to support building a prosperous Toronto and delivering on key commitments, such as road safety, mobility, modernization, culture, and equity and reconciliation. When combined with the $1.9 billion rate-supported operating budget approved in December, the total 2021 operating budget is $14 billion.

“This is a responsible budget that does the right thing during these tough times – it preserves and protects City services people rely on every day and invests more in key areas where the impact of COVID-19 has been greatest,” said Mayor John Tory.

“In finalizing this budget today, City Council has confirmed our consistent strong message that we need the continued support of the provincial and federal governments in our fight against COVID-19.”

Council reaffirmed the need for the Government of Ontario to join the municipality and the Government of Canada to support housing investments.

The tax-supported 10-year capital plan includes funding for key areas such as mobility, housing, modernization and the environment. It continues work to address state-of-good-repair needs for the TTC and Toronto Community Housing Corporation (TCHC). An additional $15.7 billion rate-supported capital budget approved Dec.16, 2020, the total 10-year capital plan is $44.7 billion.

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