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On June 14, 2023, the deputy mayor advised the council that negotiations led to the province providing a funding subsidy such that the revised program budget was now $1.689 billion, with $878 million from the City of Toronto, $585 million from the Government of Canada, and $226 million from the Province of Ontario. [22]
The Toronto government debt is the amount of money the City of Toronto government has borrowed to finance capital expenditures. Under the City of Toronto Act, the Toronto government cannot run a deficit for its annual operating budget. [1] In addition, City Council has set the limit of debt charges not to exceed 15% of the property tax revenues ...
The Canadian federal budget for the fiscal years of 2024–25 was presented to the House of Commons by Finance Minister Chrystia Freeland on 16 April 2024. [1] The budget's slogan is "Fairness for every generation", suggesting the government planned to help younger people.
Under the City of Toronto Act, the Toronto government cannot run a deficit for its annual operating budget. [10] The city's revenues include 33% from property tax, 6% from the land transfer tax, subsidies from the Canadian federal government and the Ontario provincial government , and the rest from other revenues and user fees.
report by the City of Toronto. [85] Metrolinx has also noted the potential of an extension to the airport, albeit noting that this is an unfunded proposal. [12] In May 2021, Toronto City Council discussed a potential 2.5-kilometre (1.6 mi) extension south from Humber College station to a new GO Transit station on the Kitchener line. [90]
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Revenue sources for the city's operational budget consist of transfers and subsidies from the provincial and federal governments ($1.944 B), user fees ($1.205 B) and withdrawals from the reserve fund ($0.5 B). Property taxes represent 42% of the budget ($3.221 B), which is referred to as the Net Operating Budget. [1]
May 16, 2024: Ward 15 Don Valley West councillor Jaye Robinson dies. [11] June 26, 2024: The council seat for Ward 15 Don Valley West is formally declared vacant and a by-election is called. [12] November 4, 2024: Former Toronto District School Board trustee Rachel Chernos Lin is elected in the Ward 15 by-election. [13]