New tax revenues helped, mayor says

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Property taxes will go up by about $80 on an average-assessed home of $365,000, if Toronto Council approves an $8.1 billion operating budget introduced at City Hall this morning.
The budget which will mean an increase in property taxes for homeowners by 3.75 per cent and businesses by 1 per cent in 2008, and it will include service improvements and additions ranging from more late night and early morning bus service on the Toronto Transit Commission, to a new stingray “touch tank” at the Toronto Zoo.
Mayor David Miller touted this year’s budget as historic for another reason: the budget is balanced going into the process, rather than at the end of it.
“For the first time since amalgamation we’re introducing a budget that is balanced. The balanced budget is supported by $116 million in savings and efficiencies, new tax revenues, provincial investment in public transit and a moderate property tax increase of 3.75 per cent that allows for focused investment in our city.”
This year’s budget will balance as a result of a number of factors. Provincial money for transit will add $149 million in one-time funding - and new taxes approved last year on land transfers and personal vehicle registration will bring in $175 million.
The budget will also include about $12 million in new city spending. All city bus routes will run from 6 a.m. to 1 a.m. weekdays; green bins will be sent to apartments and condominiums and new recyclable materials will be accepted in the blue box; the Toronto Zoo will have a new Stingray Touch Tank exhibit among other things.
But the budget also completely depletes the city’s reserves for social service spending - and as critics point out, include a tax increase well beyond the rate of inflation.
“I’m disappointed,” said Ward 34 (Don Valley East) Councillor Denzil Minnan-Wong. “We’re looking at close to a 4 per cent increase in residential property tax. That is a break of Mayor Miller’s promise in the last election campaign. And the city’s been facing unprecedented increases in fees.”
The budget committee will begin reviewing the budget Feb. 4 and will hear deputations Feb. 5. The city’s executive committee will review the budget March 25, then Toronto Council will approve a final budget at its March 31 meeting.
Full budget information is available at the city’s website at www.toronto.ca