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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 to a new GO Transit station on the Kitchener line. [90]
In December 2024, city staff presented an update to city council regarding Metrolinx's communication of cost pressures and, as such, an inability to deliver the five-station proposal within the allotted program budget ($1.689 billion). [23]
On March 20, 2024, City of Toronto staff presented a report to city council on corridor evaluation results for the prioritization of planned higher-order transit projects, which yielded the following results: [89] Ontario Line north extension from Science Centre station to Steeles Avenue (second highest priority)
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]
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 ...
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.
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]
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.