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2021 Toronto budget process begins with proposed 0.7 per cent property tax hike

TORONTO
Toronto’s proposed budget for 2021 relies on nearly $900 million in assumed funding from other levels of government as the city’s finances continue to be ravaged by the COVID-19 pandemic.
Staff say that they embarked upon this year’s budget process facing a staggering $2.2 billion shortfall but were able to reduce that number after finding $573 million in efficiencies, including tens of millions of dollars from freezing the salaries of non-unionized employees.
They say that the remaining $1.6 billion in financial pressures related to the pandemic can be offset through $740 million in Safe Restart funding that has already been secured and another $856 million in assumed funding that the city hopes to receive from other levels of government in 2021. ....

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Toronto expects nearly $900M of help from other governments to balance its 2021 budget

Published Thursday, January 14, 2021 11:12AM EST
Last Updated Thursday, January 14, 2021 3:55PM EST
Toronto’s proposed budget for 2021 relies on nearly $900 million in assumed funding from other levels of government as the city’s finances continue to be ravaged by the COVID-19 pandemic.
Staff say that they embarked upon this year’s budget process facing a staggering $2.2 billion shortfall but were able to reduce that number after finding $573 million in efficiencies, including tens of millions of dollars from freezing the salaries of non-unionized employees.
They say that the remaining $1.6 billion in financial pressures related to the pandemic can be offset through $740 million in Safe Restart funding that has already been secured and another $856 million in assumed funding that the city hopes to receive from other levels of government in 2021. ....

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