In releasing its proposed annual budget, the City of Toronto says it’s experienced ”significant financial impacts” in both added costs and revenue losses; impacts that are expected to continue this year with anticipated financial pressures of about $1.6-billion.

Residents can address the Budget Committee on January 25th and 26th, before the proposed city budget goes to the Executive Committee, and then City Council for approval at its meeting February 18th.

The mayor says the budget will ensure the City’s making substantial, necessary investments to manage the continue impacts of the pandemic.

John Tory says ”now is not the time to be cutting services” and believes residents ”cannot afford significant tax increases to cover” the City’s shortfall.

If approved, the average Toronto homeowner would see their property tax rise $69 this year.