TORY: WITHOUT FINANCIAL HELP CITY COULD FACE AN ''UNPRECEDENTED'' TAX HIKE, ''EXTREME'' SERVICE CUTS
Nov 10, 2022
By Bob Komsic
While he appreciates the combined more than $3-billion the city has received from the senior levels of government since 2020, Toronto’s mayor is appealing to the provincial and federal governments for more assistance.
In a letter to the premier and federal finance minister, John Tory writes, in part …
”I am writing today to re-iterate our request for continued assistance from the Government of Canada and the Province of Ontario, to address the continued impacts COVID is having on our City’s finances, so that we do not have to make deep cuts to services our residents require, impose massive tax increases they cannot afford, or implement reductions to our capital budget which will eliminate thousands of jobs and threaten our economy recovery.”
Tory goes on to point out the $815-million operating budget deficit this year is directly related to the pandemic.
The mayor also says budget pressures next year could balloon to $1.5-billion, without accounting for any property tax hikes or extra funding from the other levels of government.
Tory’s seeking a commitment from the province and Ottawa by the end of the month so the city can finalize its budget for next year.