Government Responsibilities - City Budget
Frequently Asked Questions
Frequently Asked Questions - City Budget
To meet significant budget pressures, the tabled budget proposes a property tax increase of 5.5 per cent – below the rate of inflation – for residential properties. The increase amounts to an additional $183 for the average assessed value of a Toronto home.
1.5 per cent increase to the City Building Levy is also planned to fund housing and transit needs, an additional $50 for the average assessed value of a Toronto home.
For the average Toronto household using 230 cubic metres of water per year, the water and wastewater consumption 3 per cent rate increase will cost an additional $29 annually (eight cents per day), for a total of $1,009 in 2023.
The three per cent rate increase to the annual solid waste fee for a single-family household will be $8.35 for a small bin (for a total of $286.69), $10.14 for a medium bin (for a total of $348.03), $13.77 for a large bin (for a total of $472.68) and $15.97 for an extra-large bin (for a total of $548.26).
Due to the COVID-19 pandemic, the City has experienced and continues to experience significant revenue shortfalls and increased costs. The 2022 COVID-19 pandemic-related budget shortfall is $184 million, and the 2023 shortfall is $933 million.
If funds for the 2022 COVID-19 pandemic shortfall are not provided, $300 million in paused 2022 planned capital projects would be cancelled and $184 million would be covered by the City's COVID-19 backstop, a restricted reserve fund that, once depleted, will not be available again.
If the 2023 COVID-19 pandemic shortfall is not provided, the City will be forced to use its COVID-19 backstop, which would be almost fully spent if used for both 2022 and 2023's shortfalls.
For the first time since the start of the COVID-19 pandemic, the Budget Committee will once again hear from Toronto residents and businesses in person as well as by video conference. Meetings will be held:
- Toronto City Hall, Tuesday, January 17, 9:30 a.m. to 12:30 p.m., 1:30 to 4:30 p.m. and 6 p.m. onwards
- North York Civic Centre, Tuesday, January 17, 1:30 to 4:30 p.m. and 6 p.m. onwards
- Scarborough Civic Centre, Wednesday, January 18, 1:30 to 4:30 p.m. and 6 p.m. onwards
- Etobicoke Civic Centre, Wednesday, January 18, 1:30 to 4:30 p.m. and 6 p.m. onwards.
Speakers are asked to register by email: [email protected] or call: 416-392-4666 by 4:30 p.m. on Monday, January 16. The meeting will be streamed live on the Toronto City Council YouTube channel. Written comments can be submitted to the Budget Committee by email: [email protected] or by mail: Attention Budget Committee, Toronto City Hall, 100 Queen St. W., 10th floor, West Tower, Toronto, ON M5H 2N2.