Day 1 of Toronto’s budget season is here
Toronto’s mayor and city manager will reveal the first version of this year’s budget on Monday.
We’re expecting to hear the proposed property tax rate and we’ll also learn about any major new spending at city hall. CBC News will be updating this story, so check back for updates.
This is Olivia Chow’s second budget as mayor. Last year’s budget featured a 9.5 per cent property tax increase – the highest in decades – which Chow and other officials said was needed to dig the city out of a massive financial hole (the “opening pressure” as its known was $1.8 billion last year.)
Chow warned last December another hike may be necessary to close an estimated opening pressure of $1.2 billion.
As a quick refresher, the city is required by Ontario law to present a balanced budget by the time council finalizes it in mid-February.
The budget documents will be made public around 9:30 a.m. ET.