The Metropolis of Toronto is proposing a 5.4 per cent residential property tax improve to assist fund a deliberate $18.8 billion funds for 2025.
Mayor Olivia Chow and funds chief Coun. Shelley Carroll revealed the determine to reporters Monday as a part of town’s proposed funds this yr, which features a 1.5 per cent improve to the Metropolis Constructing Fund.
The mixed 6.9 per cent tax improve builds on final yr’s record 9.5 per cent hike – the best since Toronto amalgamated into one metropolis in 1998.
It was Chow’s first funds since she was elected in June 2023, and one she mentioned that whereas it did improve spending, it met her key priorities.
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Earlier than Monday’s reveal, residents had been beginning to get an thought of what the 2025 funds would seem like as a number of our bodies solidified their working budgets.
Final month, the Toronto Police Service Board authorized its 2025 operational funds: a $1.2 billion funds, which might be a $46.2 million improve from final yr’s request.
The board mentioned in a information launch the funds will assist elevated frontline and investigative capability, and the growth of the Neighbourhood Neighborhood Officer Program.
In the meantime final week, the TTC board authorized its 2025 working and capital budgets, which can freeze fares for the second straight yr.
The board mentioned the $2.8-billion ask represents a 6.5 per cent improve over the authorized 2024 budgets, and can guarantee dependable and reasonably priced service, security and cleanliness and investments in long-term capital tasks.
Extra to return.
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