2023 Financial Update and Outlook

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2023-03-29 · Toronto City Council · amended

As filed

City Council on March 29, 30 and 31, 2023, adopted the following: 1. City Council request the City Manager and the Chief Financial Officer and Treasurer, as part of the upcoming phase 2 report on the City's long term fiscal plan, to include the details on the $1.1 billion in property tax revenue spent on extensions of Federal and Provincial responsibilities, as noted in the report (March 7, 2023) from the City Manager and the Chief Financial Officer and Treasurer, including the origins of the various commitments and Council's option to adjust the City's response to prior commitments.

Show the rest of As filed, 1,429 more characters as filed

2. City Council request the City Manager and the Chief Financial Officer and Treasurer to create appropriate information packages for Councillors who wish to discuss City needs with Toronto Members of Parliament and Members of Provincial Parliament. 3. City Council request the City Manager to establish a program where Members of Council form delegations to meet with Members of Parliament and Members of Provincial Parliament to advocate for our budget issues. 4. City Council request that City staff clearly identify "Health and Safety", "Legislated" and "Council-Directed" service level or commitment descriptors in the Financial Impact section of future Council reports to assist in decision-making. 5. City Council support the Deputy Mayor, until the Mayoral By-Election, on her advocacy to the Federal and Provincial governments for Revenue tools and a new fiscal framework for the City of Toronto. 6. City Council request the Federal and Provincial Governments to recognize the serious financial risks faced by the City of Toronto in delivering the services and infrastructure needed by the residents of this City and the region and, begin discussions on a new fiscal framework to ensure long-term financial sustainability for the City. 7. City Council request the Provincial Government to provide revenue tools for the City of Toronto that grow with the economy in a similar fashion to provincial sales and income taxes.

The vote

Amend Item · Carried, 13-10

For (13)Brad Bradford, Frances Nunziata, Gary Crawford, James Pasternak, Jaye Robinson, Jennifer McKelvie, Josh Matlow, Lily Cheng, Nick Mantas, Paul Ainslie, Shelley Carroll, Stephen Holyday, Vincent Crisanti

Against (10)Alejandra Bravo, Amber Morley, Ausma Malik, Chris Moise, Dianne Saxe, Gord Perks, Jamaal Myers, Jon Burnside, Michael Thompson, Paula Fletcher

Absent (2)Anthony Perruzza, Mike Colle

The whole record, all 25 members

Every name opens that member’s record.

On the agenda

As the city filed it

The purpose of this report is to provide a financial update and outlook to inform the City of Toronto's long-term financial planning and forthcoming updated Long-Term Financial Plan (LTFP). Following the 2023 Budget, with the support of an independent third-party, the City has updated its financial model to assess the long-term fiscal risks anticipated in the next ten year period. This updated analysis expands on previous work completed by the City of Toronto and will help to inform future phases, including an updated LTFP to be presented to City Council later in 2023.

Show the rest of As the city filed it, 1,148 more characters as filed

The updated financial model highlights the significant challenges that the City will face over the next ten years including both operating and capital budget pressures. The City currently has limited tools or strategies to address a challenge of this magnitude, demonstrating a need for enhanced analysis of potential options. For example, as reported in the September 30, 2022, quarterly updates, over 97% of the City's deferred revenues and reserve and reserve fund balances are fully committed, leaving just $290 million available for emergency or one-time back-stop purposes. Beyond immediate and urgent financial challenges the City faces, municipalities need a new fiscal framework to address ongoing challenges with predictable, long-term funding. The updated financial outlook will be used to inform intergovernmental discussions. Staff continue to engage with their intergovernmental counterparts to promote ongoing and sustainable funding support. Further exploratory work to determine appropriate solutions and offsets will be completed throughout 2023, including an additional analysis of revenue tools as was requested by City Council.

Staff recommended

The City Manager and the Chief Financial Officer and Treasurer recommend that: 1. City Council receive this report for information.

Considered

2023-03-21 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council receive the report (March 7, 2023) from the City Manager and the Chief Financial Officer and Treasurer for information.
2023-03-29 · Toronto City Council · amended

On the record

The item as the City filed it

More from this meeting

The whole meeting