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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]
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]
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 ...
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 board comprises seven members, three appointed by the Province of Ontario and four by the City of Toronto. Three civilian members are appointed by the province and one by the city; two city councillors and the mayor of Toronto as the head of council sit on the board. A chair (presently Ann Morgan) and vice-chair are elected from its membership.
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 to a new GO Transit station on the Kitchener line. [90]
2024 Toronto Argonauts season; 2024 Toronto Blue Jays season; 2024 Toronto FC season; 2024 Toronto FC II season; Toronto Film Critics Association Awards 2024; 2023–24 Toronto Raptors season; 2024–25 Toronto Raptors season; 2024 Toronto—St. Paul's federal by-election