Last year’s budget tabled by Mayor John Tory was irresponsible with his refusal to raise property taxes beyond inflation, relied on provincial and federal government funding (which didn’t materialize), and recklessly increased the police budget despite a $1.4 billion shortfall at the time. The budget shortfall situation has worsened for 2024 with the number now pegged at $1.8 billion. However, Mayor Olivia Chow and her budget chief Shelley Carroll have finally shown they are willing to take the challenge seriously.
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2024 Budget Shortfall Breakdown (via City of Toronto) |