Ontario Construction News staff writer
Premier Doug Ford and Toronto Mayor Olivia Chow have agreed to a new-deal working group to fix the city’s ailing finances.
“Toronto’s deep financial challenges are no longer sustainable,” said Premier Doug Ford. “Toronto is a major contributor to Ontario and Canada’s economic success. Governments need to work together to deliver solutions that protect services, avoid new taxes and put the city on a path toward long-term financial stability. I look forward to working with Mayor Chow to build a stronger Toronto and ensure it remains an economic engine for Canada.”
The financial pressures on Toronto are decades in the making and rapidly growing. They have resulted in structural challenges that, absent wholesale intervention, risk the long-term viability of the city and the services it provides. These challenges cannot be solved through painful program cuts or new fees and taxes. Instead, the province and city will work jointly to invest in and support smart and effective growth for Toronto.
The new-deal working group must:
- Respect and support the efficient delivery of local governance and city programs;
- Protect frontline services and frontline municipal workers;
- Avoid new taxes and fees on hard-working residents of the city; and
- Support the delivery of shared priorities, including building affordable and attainable homes, public transit and city-enabling infrastructure.
Also, the province and city are urging the federal government to join the new-deal working group. The expectation is that there will be additional financial support from the federal government.
The working group will approve an agreement before the end of November.