frame Toronto - 2008 budget
 

Message from the mayor

Thank you for visiting the 2008 budget web pages.

I am pleased to announce that this year – for the first time since amalgamation – the staff-recommended 2008 Operating Budget is balanced. This is a tremendous accomplishment.

Not only is the budget balanced, we are also going to be able to make critical investments in priority areas like waterfront revitalization, economic development and culture, climate change initiatives, public transit and in the City’s at-risk neighbourhoods. These are city-building initiatives that contribute to the excellent quality of life that makes Toronto a North American leader.

Being able to introduce a balanced budget required all of us to work together. This past fall, Council came together to make a difficult choice to introduce two new taxes - a Land transfer tax and vehicle registration fee - rather than accept massive service cuts. In the end, your Council chose to build a prosperous and inclusive city that is safe, economically strong, clean and green, transit friendly, creative and a place where everyone has a chance to succeed.

Additionally, more than $116 million was found through savings, cuts and cost containment measures. City residents and businesses will be doing their part.

Now, we need other orders of government to play their part to ensure Toronto’s success.

  • The Federal government must create a National Transit Strategy to support transit in Canada as it is supported in Europe and even the United States
  • Cities need stable and predictable funding that grows when our economy grows - the equivalent of one cent of the GST (www.onecentnow.ca).
  • The Provincial government to upload the cost of programs that they mandate. We have had some success through our ongoing discussions with the provincial government. It has provided us with room to balance this year’s budget early while we await the results of the Provincial Municipal Fiscal and Service Delivery Review which will define the longer-term solutions to the structural imbalance.

While there is still more work to do regarding the City’s finances, I believe that we have turned a corner. We are in a much better position financially than we were a year ago…or than we have been at any time in the last decade.

I encourage you to take part in the budget discussion. Public deputations will be heard at City Hall on February 5, 2008 or you can submit a presentation in writing to the Budget Committee.

My commitment to Torontonians is based on three key principles: Toronto must be a city that brims with prosperity, liveability and opportunity for all. I know that by working together we can reach that goal.




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© City of Toronto 2008
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www.toronto.ca 2008 Budget