Toronto Region Board of Trade reacts to Toronto Municipal Budget

The Toronto Region Board of Trade commends the City of Toronto on the approval of the 2024 budget. We are pleased to see the city making positive steps towards Toronto’s long-term fiscal health with the delivery of a balanced budget that protects core services while making investments to improve affordability and livability for Toronto’s workforce. These include eliminating the tax increases on rental buildings and approving funding for the Scarborough Busway.

Even with new provincial and federal funding, Toronto continues to face a long-term fiscal crisis. We urge the city to stay in fiscal planning mode, as we cannot wait for “budget season” to start again before working in earnest on solutions to implement next year, and the years to follow.

The Board is eager to support the development of a robust framework for the city’s finances. Such a framework would prioritize investments that bolster economic competitiveness and enhance quality of life for all Torontonians, ensuring fiscal resources are allocated to maximize impact and support sustainable growth.  

It is critical that the city find opportunities to focus on what it does best: the delivery of core services like well-maintained transit and transportation systems, safe water and wastewater infrastructure, and sufficient safety and emergency services. To support the long-term viability of these core services, the city must also consider new revenue sources, such as leveraging existing assets from land, buildings, and utilities. Additionally, the city should create a strong expenditure management framework—a Toronto Treasury Board—as a strategic oversight mechanism to ensure municipal spending aligns with Toronto's long-term financial health.

Despite the unprecedented and much needed supports from the provincial and federal governments, the city continues to shoulder the financial burden of services traditionally managed by these governments, spending hundreds of millions annually on housing, social services, and health services. We continue to champion and support Mayor Chow in her efforts to secure a long-term agreement with senior levels of government.

We applaud Mayor Chow, Budget Chief Shelley Carroll, and all members of council for addressing this year’s fiscal challenges head-on and look forward to productively contributing to solutions for next year’s budget.