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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.
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]
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 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.
The updated budget in 2024 pushed the cost to build the new, smaller science center to 1.4 billion, less than maintaining it at its current location, which is assessed at 1.3 billion. [249] As of Fall 2024, parts of the Science Center's contents are scattered around malls in the GTA for temporary exhibits. [250]
She worked with the mayor to implement Canada's first municipal land transfer tax, which made Toronto financially sustainable for the first time since amalgamation. [4] She was re-elected to city council in 2010 and in 2014. In December 2014, she was appointed to the Toronto Police Services Board. [5] [6] [7] She resigned from the board on ...
The role of the executive committee is to set the City of Toronto's priorities, manage financial planning and budgeting, labour relations, human resources, and the operation of City Council. The committee existed in the old City of Toronto beginning in 1969. Before that Toronto had a Board of Control, as did former cities North York and Etobicoke.