Stay informed on policy and advocacy
The Toronto Board of Trade is working on issues that matter
most to business leaders. Read about our latest advocacy activities
below.
View our recent news releases
August 27, 2010
According to a new poll released
today by the Toronto Board of Trade, municipal candidates who focus
their platform on strong economic policy will encourage more
Torontonians to vote and, in turn, win more votes for
themselves. The poll is part of the Board's fourth
VoteToronto2010.com campaign theme: improving
civic democracy.
Between July 22 and July 30, 506 randomly selected Toronto residents
were contacted by phone. Here's a sample of what they said:
• 43
per cent believe City Hall has a bigger effect on their day-to-day life
than either the federal or provincial government
• More
than 80 per cent said City Hall has a significant impact on
Toronto’s economy
• 45 per cent said the mayor's primary
focus should be growing Toronto’s economy and creating jobs in
Toronto
See coverage of our poll in today's Globe and Mail: "Torontonians
put economy ahead of cutting taxes: poll"
Download your copy of Improving
Civic Democracy: The Poll now, and visit VoteToronto2010.com to share your comments with
all members and citizens and to see how candidates are responding to
what Toronto's citizens have to say.
August 13, 2010
Today the Board of Trade submitted its 2011 Pre-Budget
Submission to the federal government. Based on strict
guidelines, the Board was permitted to submit only three
recommendations. While the Board will present a more substantive list of
policy ideas to the Government of Canada later this year, today’s
submission focused on the following three policy priorities:
1. The Board once again urged the government of Canada to follow
the lead of other OECD nations and develop a National Transit
Strategy, which would put in place reliable, long-term
financing for transit in the Toronto region and other urban centres
nationwide
2. The Board reiterated its support for a
national securities regulator, emphasizing that this
much-needed body should be headquartered in Canada’s financial capital –
the Toronto region
3. The Board called for federal policies that
will facilitate greater access to capital, a component
necessary to promoting entrepreneurship, fostering innovation and
advancing Canada’s global competitiveness
Download our full 2011
Pre-Budget Submission to the federal government
now.
June 10, 2010
Lifting all boats: building community and the
economy
Today the Toronto Board of Trade released Lifting
All Boats: Promoting Social Cohesion and Economic Inclusion in the
Toronto Region. This discussion paper marked the
launch of our third VoteToronto2010.com campaign theme: promoting social
cohesion and economic inclusion. Lifting All
Boats examines the hard costs of inequitable access to
affordable housing, community services, public transit and employment.
It also explores the economic advantages of creating cohesive, inclusive
communities and effectively leveraging the talents of new
Canadians.Read Lifting
All Boats, and visit VoteToronto2010.com to share
your comments with all members and citizens and to see how candidates
are responding to our latest election discussion.
June 2, 2010
Working together to build the future of our
region
The Toronto Board of Trade today released Better Together: Driving Regional Economic
Cooperation and Development. This latest
VoteToronto2010.com discussion paper examines the importance of
coordinated approaches to regional economic development and the
potential benefits of creating a single regional investment promotion
agency. This paper looks at examples of jurisdictions where a regional
approach to economic development is yielding remarkable results. It also
studies how regions with a single investment promotion agency (IPA) are
attracting unprecedented levels of investment. While the Board of Trade
does not endorse and one model, we believe that coordination and
collaboration among municipal leaders and stakeholders
is essential to the global competitiveness of our region.
Read Better Together now and learn more.
Visit VoteToronto2010.com to see how municipal
candidates are responding to our research and to share your comments
with all Toronto Board of Trade members, candidates and
citizens.
May 19, 2010
Moving ahead: how will Toronto's next elected
leaders fund Metrolinx's The Big
Move?
Today the Toronto Board of Trade
released The
Move Ahead: Funding "The Big Move." For years, Board
of Trade members have told us that finding solutions to
prosperity-crushing gridlock is a top priority for
them. This latest VoteToronto2010.com discussion paper
outlines and analyzes potential revenue tools and cost-saving
mechanisms that could be implemented in order to fund Metrolinx’s bold
regional transportation plan, The Big
Move. Metrolinx figures tell us that traffic
congestion and gridlock cost the region $6 billion annually and
hamper our ability to grow our economy. The Big Move seeks to
address our transit and transportation deficiencies, but Metrolinx
still needs more than $40 billion in funding to turn its plan into a
reality.That is why discussions around funding for The Big
Move are a key component of our second
VoteTronto2010.com campaign theme: Growing the city and regional
economy.
The Move Ahead is not a set of
recommendations, nor does it endorse any of the tools presented. Rather,
it is a starting point for serious and timely debate on an issue
that is critical to our competitiveness and prosperity.
Download your copy of The
Move Ahead now. Visit VoteToronto2010.com to see
how municipal candidates are responding to our research and to share
your comments with all Toronto Board of Trade members,
candidates and citizens.
Read the op-ed authored by Carol Wilding on May 16 in
the Toronto Star: "Funding crunch
could get GTA moving."
May 4, 2010
Fixing the City's Finances - The
Board's Recommendations to Toronto's Next Mayor
Today the
Toronto Board of Trade released Bridging the Chasm, our recommendations to mayoral
candidates on fixing Toronto’s strained finances for the long term.
Based on extensive consultations with our members – this report offers
ideas and in-depth analysis of several solutions that could save the
City as much as $2.2 billion over the next five years.
We recognize there is no single silver bullet solution. But based
member input and our research, we believe there are 3 “must-do”
actions the City’s next administration must take to get Toronto’s
finances back on track for good:
1. Reform the City’s labour model
2. Reduce/eliminate debt
3.
Implement multi-year operating budgets
Download your copy of Bridging the Chasm now.
Learn more and get
involved in the discussion on fixing the City’s finances at
VoteToronto2010.com.
March 29, 2010
Toronto as a Global City: Scorecard on Prosperity -
2010
Today the Board of Trade released its second
annual edition of Toronto as a Global City: Scorecard on
Prosperity. Generously sponsored by the Certified
Management Accountants of Ontario, Scorecard
2010 once again measured the performance of the Toronto
region – this time against more cities around the globe, on a wider
range of indicators. Overall, Toronto maintains its fourth place
ranking. The region shines in labour attractiveness, placing second only
to Barcelona. Toronto has made great strides in improving its
liveability and is a major magnet for talent. The region is also boasts
a highly diverse population and an affordable cost of living. Yet in the
Economy domain, Toronto ranks 11th overall, presenting a compelling
riddle: if Toronto is a magnet for the best and brightest people, why
does our city struggle to excel economically – especially on the
fundamental markers of innovation and productivity?
Download your copy of Scorecard
2010 and learn more.
March 1, 2010
Board Speaks Out on City Operating
Budget
On Monday, March 1, Toronto Board of Trade President
and CEO Carol Wilding appeared before the City of Toronto Budget
Committee to present the Board’s deputation on the City’s proposed 2010
Operating Budget. Entitled Bending
the Expenditure Curve, the Board’s written submission highlights
that this budget does not go far enough to rein in spending and address
Toronto’s chronic structural deficit, which, if left unchecked, could
escalate to over $1.2 billion by 2019. In a written submission to the
City, the Board emphasizes that Toronto can no longer afford to
“tinker around the edges” and maintain the status quo. Instead,
transformational change is needed now to ensure that our city remains an
exceptional place to live, work and do business.
The Board's written submission includes nine
recommendations, three of which were emphasized in the oral
deputation:
- A call for the City to focus on expenditure reductions to bring
spending into alignment with revenues
- A push for greater public transparency in the budget process, noting
that a report that details proposed new tax rates will not be available
until after public consultations are concluded
- A call for the City to focus on attracting investment to Toronto,
which will foster job creation and greater prosperity for all residents
Download the Board’s full 2010
submission to the City of Toronto Budget Committee now.
Learn
more and get involved in the discussion on fixing the City’s finances
at VoteToronto2010.com.
February 22, 2010
Toronto Star op-ed:
City Must Get Spending Under Control
On Sunday,
February 21, The Toronto Star published “First task for new mayor: Get spending under
control,” the latest opinion piece on Toronto’s finances co-authored
by Board of Trade President and CEO Carol Wilding and Don Drummond,
Chief Economist with TD Bank Financial Group. This article was a
response to the operating budget released by the City on February 16 – a
budget that propels the issue of fixing the City’s finances to the fore
of this year’s mayoral campaign. The February 21 article was also
follow-up to “Your day of financial reckoning is nigh, Toronto,” a
piece published by The Star on January 9, in which Mr. Drummond
and Ms. Wilding first pointed out that the City’s structural deficit
could balloon to over $1.2 billion by 2019 unless there is a viable plan
to get spending under control.
Learn more about this pressing issue, review
original research by the Board of Trade and get involved in the
discussion at VoteToronto2010.com.
February 9, 2010
Board Research Shows City Deficit Could Top $1B by
2019
The Board of Trade has released a groundbreaking piece
of original research that forecasts what will happen to the City budget
without proactive policies to eliminate its structural deficit.
The Growing Chasm: An Analysis and Forecast of the City of
Toronto’s Finances is a new and unprecedented analysis that
shows that the current deficit could balloon to over $1 billion
by 2019 unless there is a viable plan to return to a balanced
budget. The Growing Chasm is a vital part
of VoteToronto2010.com, our year-long campaign
aimed at defining the issues, fostering debate and developing solutions
in advance of our next municipal election. We have published this
analysis in order to initiate serious discussion about a matter that
impacts all of us who live, work and do business in this great city:
fixing our City’s finances.
Read The Growing Chasm
Learn
more
January 25, 2010
Board launches pre-election discussion at
VoteToronto2010.com
On October 25, 2010, Torontonians
will head to the polls to select a new mayor and council and choose
a new path for our city. The 2010 election represents a critical turning
point for Toronto. The Toronto Board of Trade is starting the discussion
now. On January 25, exactly nine months before election day, the Board
launched VoteToronto2010.com, the
central hub for discussion on the 2010 municipal election issues that
matter most to Torontonians. The site is part of an innovative,
year-long campaign that is seeing the Board of Trade and its
membership take the lead in defining the election issues, driving debate
and mobilizing all citizens to take part in a civic process that will
shape our future. Based on extensive consultations with members and
stakeholders, the Board of Trade released a discussion paper
entitled Vote Toronto 2010: Framework for a
Better City. This discussion paper articulates four key
election themes that matter not only to business but also to all
citizens of our great city: 1) fixing the
City’s finances; 2) Growing the city and regional economy; 3)
Improving civic democracy; 4) Promoting social cohesion and
equity. Over the coming months, the Board will release
a series of discussion papers on each of these four themes. The Board
will use those disussion papers as launching points
for consultations with members, experts, candidates and the
public. Well in advance of the election, we will distill the ideas
into a series of recommendations that will help address these
issues in a meaningful way that will benefit all Torontonians.
Visit VoteToronto2010.com now to learn more and get
involved.
January 10, 2010
Toronto Star op-ed: Toronto’s day
of financial reckoning is nigh, say Wilding and Drummond
On
Saturday, January 9, the Toronto Star published an opinion piece on the City budget, co-authored by
Board of Trade President and CEO Carol Wilding and Don Drummond, Vice
President and Chief Economist with TD Bank Financial Group. The article
points to original research by the Board of Trade, which shows that the
chronic structural deficit that has plagued the City for nearly a decade
could balloon to over $1 billion by 2019 unless there is a viable plan
to return to a balanced budget. The research is part of the
Board’s VoteToronto 2010 campaign, a year-long campaign
focused on defining the issues around our next municipal election,
including fixing our City’s finances.
While the article does not endorse any specific solutions, it calls
out potential options, including outsourcing, privatization, asset
monetization, parking fees and road tolls and, of course, expense
reduction. It also calls on all citizens to take part in a thorough
debate on how to repair our ailing finances and revitalize our economy.
As the last line of our article states, “The City’s problem is a big
one, and the search for lasting solutions will require some big
thinking.” Your Board of Trade is working to get all Torontonians
involved in the discussion and to generate fresh ideas.
Download the full article now, and tell us your
ideas.
Send your thoughts and comments to haveyoursay@bot.com.
Board calls City’s Capital Budget ‘Sensible’; Raises Concerns
over Long-Term Sustainability
On November 3, the City
presented its 2010–2019 Capital Budget and Plan, representing $16
billion in capital spending over the plan’s ten years, $2.4 billion of
which is earmarked specifically for 2010. To keep within the
City’s debt ceiling, the City chose to apply a $600 million promissory
note from Toronto Hydro to pay down debt and to issue 30-year (rather
than 10-year) debentures for infrastructure assets with a longer
lifespan. On November 13, the Board submitted its views to the
City’s Budget Committee, calling the plan a sensible one that takes
advantage of historically low interest rates and stimulus funds from the
federal and provincial governments. The Board also noted, though,
that this plan gives the City very little space to cover any unforeseen
infrastructure investments that may become necessary within the next
10-year period and beyond. The Board recommended on public
discussion on how we finance infrastructure projects and, in particular,
how to bridge the remaining $40-billion funding that stand to hamper the
building of Metrolinx’s regional plan. The Board also called for the
creation of a corporate asset manager to better monitor and control
ongoing infrastructure costs.
Download our full 2010–2019 Capital Budget and Plan submission to the
City now.
Board of Trade Weighs in on 2010 Provincial
Budget
The 2010 budget will likely prove to be one of the
most difficult and challenging budgets ever presented by an Ontario
Finance Minister. The Board believes Budget 2010 should focus on
three key goals. First, the budget must protect and honour key
commitments made in Budget 2009. These include key infrastructure
investments, competitive-taxation policy changes, and other initiatives
aiming to position Ontario to grow and prosper in the emerging new
economy. Second, building on Budget 2009, the 2010
edition needs to articulate the next steps in Ontario’s strategy
for economic recovery. Finally, Budget 2010 will have to confront
the difficult challenges that stand in the way of returning Ontario’s
budget to balance and long-term sustainability.
Download our full 2010
Pre-Budget Submission to the Government of Ontario now.
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Related Files
Metrolinx_Submission_November_08 (Adobe PDF File)
