Toronto’s 2024 budget includes $49.8 billion 10-year capital spending plan

Ontario Construction News staff writer

Toronto city council has approved its 2024 operating budget and a 2024-2033 capital budget and plan of $49.8 billion. It is the first budget in a new multi-year approach.

Approved spending includes funding for the Scarborough Busway.

To address critical infrastructure needs and accelerate much needed capital projects, the budget includes a $50 million “Back on Track Fund”.

Leveraging capital funding from an agreement with the Ontario government, this fund will support urgent state-of-good-repair work, address infrastructure deficiencies and enhance public spaces across the city.

The opening operating budget pressure was $1.776 billion primarily due to growing demand for refugee claimant support and shelter spaces and decreased transit revenues.

Also, the 2024 Capital Budget includes a 1.5 per cent City Building Fund levy increase for residential properties to fund critical investments in transit and housing. The City Building Fund levy will increase 0.55 per cent for multi-residential properties, 0.75 per cent for commercial properties and 1.5 per cent for industrial properties.

“This budget protects services from painful cuts, responsibly addresses the almost $1.8 billion shortfall and directs funds to key affordable housing, transit and community safety initiatives,” said Mayor Olivia Chow.


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