Toronto faces $26B infrastructure gap over next decade

Toronto will need to find billions more over the next decade to maintain its transit system, social housing and libraries, says a new report on the city's aging assets headed to a key committee Tuesday morning.A new city report says Toronto will need to spend billions more just to maintain its assets over the next decade, and some city councillors are calling for further assistance from the federal government and province.

Toronto's repair backlog has gone from scary to terrifying, councillor says. Here's a look at what's at stakeThe report is required by the province and lists the growing needs of Toronto's facilities, fleet and equipment. It does not include other assets like the city's roads, bridges and water and wastewater system.

Toronto's state of good repair reflects the health of its $181 billion in assets. That ranges from roads and bridges to transit vehicles to public housing and parks. All need upkeep, repairs and replacement at times to ensure they remain functional. Last year, the city struck a new deal with the province which will result in billions of financial relief to Toronto and will see Ontario upload the Gardiner Expressway and Don Valley Parkway. That upload is subject to a due diligence study council could hear back about this summer.

Matlow said the report further illustrates the city's need for additional ways to raise revenue. The city would need permission from upper levels of government to charge a sales tax or to obtain a portion of personal income taxes, revenue tools that raise significant cash and grow with the economy.

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