“The budget presented today by Mayor Chow includes several promising changes. The decision to limit tax increases on rental buildings is especially critical to ensure that Toronto is a place where our workers can afford to live,” said Giles Gherson, President & CEO of the Toronto Region Board of Trade.
“The ability for businesses to attract and retain talent is one of the most critical needs for our economic competitiveness. We must continue to address our significant fiscal challenges, while protecting affordability and livability.”
We are also pleased to see that the Mayor’s proposed budget includes funding for the construction of the Scarborough Busway. This critical infrastructure will allow people to access their jobs, students to get to school, and businesses to attract customers.
While these positive items are worth noting, substantial work must still be done to ensure Toronto’s future fiscal sustainability. We support the Mayor’s ongoing engagement with the provincial and federal governments to build a new, long-term fiscal framework for the city.
We also continue to call for the City to create an expenditure management framework as a strategic oversight mechanism – like the Treasury Board function found in other levels of government. This would build on the accountability that the Strong Mayor powers have injected into the budget process and ensure municipal spending aligns with Toronto's long-term financial health.
It was inevitable that a multi-billion-dollar problem would not be resolved through one municipal budget cycle. As the city begins looking towards the 2025 budget, we encourage council to explore a variety of revenue options, such as leveraging existing assets from land, buildings and even utilities to reduce its chronic deficits.
About The Toronto Region Board of Trade
The Toronto Region Board of Trade is one of the largest and most influential business chambers in North America and is a catalyst for the region’s economic agenda. We pursue policy change to drive the growth and competitiveness of the Toronto region and facilitate market opportunities with programs, partnerships and connections to help our members succeed – domestically and internationally.
Jason Chapman, Manager, Communications & Media Relations