Toronto City Council has approved the 2021 rate-supported operating and capital budgets for Toronto Water, Toronto Parking Authority and Solid Waste Management Services with critical investments in infrastructure while reducing planned rate increases to just 1.5 per cent.
Toronto Water’s capital budget is $1.3 billion for 2021 – the largest in history – and includes a 10-year capital plan of $14.8 billion. The budget focuses on quality drinking water and wastewater treatment services, while dealing with the impact of extreme storms, basement flooding, aging infrastructure and significant city growth.
“Most importantly, we aren’t slowing down the capital investments we are making in our infrastructure, especially our water infrastructure that we have worked so hard to get back on track. The capital budgets continue to invest in key priority areas to supporting the city’s growing population needs – including the largest annual capital investment in Toronto Water’s history.”
The Solid Waste Management Services 2021 budget includes safety enhancements to trucks, state-of-good-repair projects for solid waste infrastructure and the continued development of renewable energy infrastructure.
Approved spending also ensures the continued implementation of the Long Term Waste Management Strategy, which supports waste reduction, reuse and the move towards a circular economy. The approved budget includes a capital reserve contribution of $17.1 million, a capital budget of $69.1 million and a 10-year capital plan of $737.5 million. A 1.5 per cent rate increase will be effective January 1, 2021.
Toronto Parking Authority’s 2021 budget includes 6,850 bikes and 625 bike stations across the city, a capital budget of $24.3 million and a 10-year capital plan of $234.4 million. The effects of COVID-19 is anticipated to continue into 2021, impacting TPA’s ability to generate a net revenue, with recovery expected in 2022.
The budget committee will debate the budgets in January 2021. Budget notes, presentations and reports are available at toronto.ca/budget.
“The approved rate-supported budgets support financial sustainability and ensure the city continues to deliver high quality services and make improvements to our aging infrastructure,” said councillor Gary Crawford, budget committee chair.