The inflation-based tax hike, which is expected to raise an additional $63 million, was included in the $13.53 billion staff-proposed operating budget that was presented to the city’s budget committee for the first time on Friday morning.
“Because our level of government undertakes a very public budget exercise there are those that will suggest that council would like to raise taxes incredibly high and there will be others who suggest that we are spending far too much and that we should be slashing services but I believe that this budget charts a responsible path forward,” Budget Chief Gary Crawford told reporters on Friday.
“I am encouraged from what they did last year that they will actually come to the table with that $77 million,” Crawford said.Staff contend that the budget “preserves services” while making $67 million in new or enhanced investments in priority areas. Mayor John Tory, however, said in a statement that he will be “leading an effort to ensure that we find a way to make additional investments in kids and families.”
The city’s property taxes are also likely to remain among the lowest in the GTA, despite the proposed increase.
Source: Real Estate Daily Report (realestatedailyreport.net)
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