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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.
Toronto's operating municipal budget for 2010 was approved by the Toronto City Council on April 15, 2010. [ 2 ] [ 3 ] The budget maintained city services, and increased the property tax by "1.8% on total tax base".
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]
With a gross annual operating budget in 2022 of 481.9 million, [1] and a 10-year capital budget of $2.7 billion, the division operates 1473 named parks, 839 sports fields, 137 community centres, nearly 670 other recreational facilities, and is also responsible for the city's over 3 million trees. PF&R employs over 4,000 permanent and temporary ...
Rank Name Level of government Total expenditure Per-capita expenditure Fiscal year Source 1 Canada: Federal 338,500,000,000 2018-19 [1]2 Ontario: Provincial
During the 2023 by-election, the city's budget shortfall was a major topic of discussion as Toronto's 2023 operating budget faced a shortfall of $1.5 billion. [65] Absent financial assistance from other levels of government, the city would be forced use its reserve fund in order to avoid running a deficit. [66]
The 2022–2026 Toronto City Council term is the present term of Toronto City Council. ... Budget Committee [15] Chair Shelley Carroll Vice-chair Gord Perks Members.