Today, the City of Toronto launched the 2024 Budget process with a staff prepared budget that protects core services and makes investments in transit, shelters and community safety. The budget aims to set the City up to achieve financial stability and sustainability through a new multi-year approach.
The Budget Committee was presented with the staff prepared rate and tax-supported operating budget of $17 billion and the 2024-2033 capital budget and plan of $49.8 billion for consideration, review and recommendation.
The 2024 staff prepared budget reflects feedback from the November 2023 Budget Consultations and furthers the actions of the City’s Long Term Financial Plan (LTFP) and the Ontario-Toronto New Deal Agreement.
Toronto residents and businesses are encouraged to continue to be a part of the 2024 Budget process. Feedback can be provided to the Budget Committee in person, online or in writing, and to Members of Council in writing. Details are available below and on the City’s 2024 Budget webpage.
In November 2023, Toronto residents shared their ideas about the City’s 2024 Budget and Toronto’s future. Sixteen sessions – 10 in person and six virtual – were held across Toronto with a total of 661 participants, in addition to an online survey that received 10,802 responses with 11,600 ideas submitted in 28 languages. An additional 314 participants attended 17 local discussions led by Indigenous, Black and equity-deserving community organizations.
At these consultations, the City heard support for:
Despite ongoing financial challenges, the staff prepared operating budget responds to these priorities with additional spending of $152 million in new and enhanced initiatives based on current and estimated needs in the following key areas:
The City continues to experience growing demand for refugee claimant support and shelter spaces and decreased transit revenues, contributing to an opening operating budget pressure of $1.776 billion.
To meet these significant budget pressures, the City has done its part by finding further efficiencies, implementing LTFP actions and leveraging multi-year bridging actions.
The staff prepared operating budget includes a property tax increase of nine per cent for residential properties, which allows for better alignment with other Greater Toronto and Hamilton Area municipalities. This amounts to an increase of $321 annually for the average assessed value of a Toronto home or the equivalent to a monthly increase of $26.75.
The staff prepared operating budget includes a base property tax increases of 4.5 per cent for multi-residential properties, 4.5 per cent for commercial properties and nine per cent for industrial properties and continues to include a 15 per cent property tax rate reduction to support more than 29,600 small businesses.
In addition, consistent with Council’s endorsement during the 2023 Budget, the 2024 Capital Budget includes a 1.5 per cent increase for the City Building Fund levy, dedicated to critical capital investments in transit and housing. This amounts to an additional $53 for the average assessed value of a Toronto home or the equivalent to a monthly increase of $4.42.
In addition to these actions, the staff prepared 2024 operating budget expects to have access to a federal funding program providing full reimbursement of costs associated with refugee claimant response, currently estimated at $250 million for 2024.
Toronto residents and businesses are encouraged to continue to share their feedback about the 2024 staff prepared Budget. The following opportunities are also listed on the City’s Budget webpage.
Residents and businesses are encouraged to join one of three telephone town halls:
To participate, Toronto residents and businesses can call 1-833-490-0778 toll-free at the time of the town hall.
The Budget Committee will also hear speakers in person and by video conference. Meetings will be held:
Speakers are asked to register by emailing buc@toronto.ca or calling 416-392-4666, indicating a preferred day and timeslot before 4:30 p.m. on Friday, January 19. Individuals may only make one presentation. Registered public speakers will be provided with instructions on how to appear at the Committee meeting. The meeting will be streamed live on the Toronto City Council YouTube channel.
Written feedback about the City’s 2024 Budget can be submitted via email: buc@toronto.ca, fax: 416-392-2980, or mail: 100 Queen St. W., Toronto City Hall, 10th floor, West Tower, Toronto, ON M5H 2N2 Attention: Budget Committee.
Feedback can also be provided to Members of Council. Contact information is available from 311 or 416-338-0TTY (0889) and on the City’s Members of Council webpage.
In accordance with provincial legislation, Mayor Olivia Chow will present a budget by Thursday, February 1, for City Council’s consideration at a special meeting on Wednesday, February 14.
Today’s 2024 Budget launch presentation by City Manager Paul Johnson and Chief Financial Officer and Treasurer Stephen Conforti is available on the City’s website.
An updated Backgrounder on the City’s 2024 Budget process is available on the City’s Media Room webpage.
More information is available on the City’s 2024 Budget webpage.
“We’re building a financially stable and sustainable future for Toronto to ensure the 2024 Budget maintains frontline services for Torontonians and makes smart investments in housing, transit and community safety. However, we can not do this alone, so I will build on the success of our Ontario-Toronto New Deal and continue to advocate for federal funding, especially when it comes to their area of responsibility: refugee support.”
– Mayor Olivia Chow
“In the face of a $1.8 billion shortfall, we have found over $600 million in savings and proposed a balanced budget that protects frontline services while investing in transit, housing, and community safety. Today marks day one of our 2024 budget process, and I encourage all Torontonians to come out to a presentation, deputation, or town hall to make their voice heard. This budget is based on real conversations with the community and it is essential that those conversations continue in the weeks ahead.”
– Councillor Shelley Carroll (Don Valley North), Budget Committee Chair
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