Updated Long-Term Financial Plan

direct the Chief Financial Officer and Treasurer to implement graduated Municipal Land Transfer Tax rates effective for all transactions registered or upon which Municipal Land Transfer Tax otherwise becomes payable on or after January 1, 2024; b. amend City of Toronto Municipal Code Chapter 760, Municipal Land Transfer Tax, to reflect the changes detailed above; and c. authorize the Chief Financial Officer and Treasurer to amend the City's Collection Agreement with Teranet to allow Teranet to collect the Municipal Land Transfer Tax in accordance with these changes. 3. City Council direct the City Manager and the Chief Financial Officer and Treasurer to report back in advance of City Council's consideration of the Mayor's proposed 2024 Budget on the costs and implications of increasing the maximum value of consideration for the first-time homebuyers rebate under the Municipal Land Transfer Tax of up to $750,000. 4. City Council direct the Chief Financial Officer and Treasurer to report back in the second quarter of 2024 on an approach to graduated municipal property tax rates for high value residential properties, estimated incremental revenue, and provincial authorities that would be required for implementation. 5. City Council direct the Chief Financial Officer and Treasurer to report back in the second quarter of 2024 on an approach to graduated municipal property tax rates for properties that are not the owner's primary residence, with appropriate exceptions such as property purchased for a direct family member, estimated incremental revenue, and provincial authorities that would be required for implementation. 6. City Council amend Subsection 179-7D of the Toronto Municipal Code Chapter 179, Parking Authority, to delete the restrictions on the limited delegated authority currently provided to the Toronto Parking Authority and to delegate authority entirely to the Toronto Parking Authority to fix rates for on-street parking meters or parking machines, specifically to delete the words "such rates do not exceed $5.00 (inclusive of Harmonized Sales Tax) per hour and have been agreed to by the Ward Councillors for the Ward in which the parking meters or parking machines are located," and impose a condition that the Toronto Parking Authority consult with "the Ward Councillor(s) for the Ward(s) in which the parking meters or parking machines are located" prior to the fixing of rates. 7. City Council direct the City Manager and the Chief Financial Officer and Treasurer to develop a multi-year approach for the remaining term of City Council when recommending property tax rates and policies. 8. City Council request the City Manager and Chief Financial Officer and Treasurer to prepare a briefing note on the cost reduction efforts that are already being undertaken, including those recommended in the Ernst & Young report, as part of the 2024 budget process. 9. City Council direct the Chief Financial Officer and Treasurer, as part of the 2024 budget process, to explore non-debt financing mechanisms for capital projects that advance the City's climate goals, whereby upfront investments would be supported through ongoing savings in energy and other expenditures. 10. City Council direct City Officials to report back in advance of City Council's consideration of the Mayor's proposed 2024 Budget, as follows: a. the Chief Financial Officer and Treasurer with an implementation plan to introduce a land transfer tax on foreign buyers of residential property in the City including a recommended tax, collection and enforcement design, estimated revenues and required timelines for implementation by the end of 2024; b. the Chief Financial Officer and Treasurer on the development of a levy on commercial parking within the City with an implementation plan including a recommended tax, collection and enforcement design, estimated revenues and required timelines for implementation in 2025, with such report to include the following: i. estimates of the current number of commercial, paid and unpaid parking spaces in the City of Toronto, broken down by ward; ii. estimates on revenue potential of a parking levy applied to commercial, paid and unpaid parking spaces; iii. costs associated with implementing such a levy, including administrative costs; iv. implementation considerations including the feasibility of excluding designated commercial and other parking spaces from the levy, graduated fees based on proximity to higher-order transit service; v. a jurisdictional review and summary of other governments that have implemented a similar parking levy, including Vancouver; vi. an analysis of how proceeds may support Toronto Transit Commission capital funding and/or the City's operating budget; vii. a review of how a parking levy may align with other policy objectives established by Council; viii. an analysis of how a commercial parking levy may support or hinder Toronto's Covid-19 economic recovery, impacts on businesses, Toronto's competitiveness compared to neighbouring municipalities, and impacts on low-income residents; ix. a summary of stakeholders that would be impacted by a commercial parking levy and results of initial market sounding with stakeholders; and x. an assessment of parking levy impacts on Toronto's climate goals. c. the City Manager to develop an implementation plan, estimated revenues and required implementation timelines to introduce a 911 levy dedicated to fund Next Generation 911 and associated costs; d. the Deputy City Manager, Corporate Services, in consultation with the Chief Executive Officer, CreateTO, on a review of all City-wide surplus and underutilized real estate assets with a recommended strategy for disposition or change in use as required, with priority consideration given to opportunities which may: 1. be leveraged to support affordable housing initiatives; 2. enhance the City's revenue generating potential and/or contribute to the City's goals of long-term financial sustainability; or 3. allow for joint ventures or partnerships which benefit the local community; e. the General Manager, Economic Development and Culture, in consultation with the Chief Financial Officer and Treasurer and the Chief Planner and Executive Director, City Planning, as part of their review of the Imagination, Manufacturing, Innovation and Technology Financial Incentive Program, to evaluate the effectiveness and outcomes of financial incentives provided under the program to date, and to recommend changes to the design, program objectives or eligibility criteria in consideration of immediate and longer-term financial and economic impacts, including options to restructure the Imagination, Manufacturing, Innovation and Technology Program through amendments to the Community Improvement Plan, or a dissolution of the Community Improvement Project area; and f. the Chief Financial Officer and Treasurer, in consultation with the Chief Planner and Executive Director, City Planning, the General Manager, Economic Development and Culture, and the City Solicitor, to complete all procedural and statutory requirements, including undertaking a Development Charges Background Study, and bring forward an amendment to the development charges by-law that would reduce or remove the non-residential non-ground floor exemption in some or all parts of Toronto and/or preserve the exemption for industrial, for City Council consideration, or at such a time that the Background Study is complete. 11. City Council direct the Chief Financial Officer and Treasurer, to include, in the report on the Status of the Vacant Home Tax Implementation planned for the fourth quarter of 2023, an analysis of the feasibility of increasing the existing Vacant Home Tax rate from one percent tax of the current value assessment of the residential property on which the vacant unit is located to three percent. 12. City Council direct the Executive Director, Environment and Climate to: a. report by the fourth quarter of 2023, with a proposed by-law that would require existing buildings in Toronto to annually submit to the City of Toronto building-level performance data, including but not limited to emission data, energy data, water data, and building characteristic information; and b. report in 2024, with a proposed by-law that would require existing buildings in Toronto to meet specific greenhouse gas emissions performance standards. 13. City Council request the Chief Planner and Executive Director, City Planning and the Chief Financial Officer and Treasurer to report back to City Council on the feasibility of developing and implementing a fee, charge, or incentive on residential development applicants who receive planning approval but who do not commence construction within a defined "reasonable timeline", with such report to include: a. in what form the planning approval status should take for example as a "Notice of Approval with Conditions" or "Building Permit"; b. the period for such a "reasonable timeline"; and c. how the proceeds of this new charge could be re-invested in the creation of new affordable units. 14. City Council request the Province of Ontario to authorize the City of Toronto under the City of Toronto Act, 2006, and/or required regulations, to be able to implement new revenue tools reflective of the City's responsibilities and contributions to the economy, including specifically a Municipal Sales Tax that applies to the purchase of goods and services in Toronto and/or a portion of the existing Harmonized Sales Tax. 15. City Council direct the City Manager to continue advocacy efforts with other orders of government and, should authority be granted under the City of Toronto Act, 2006, to report back with a proposed implementation plan including recommended tax, collection and enforcement design, estimated revenues and timelines in 2024, on the introduction of a Municipal Sales Tax. 16. City Council inform the Province of Ontario that the City is unable to implement the previously announced 978 new long-term care home beds in the City in the absence of a revised funding model, currently planned for introduction in future years. 17. City Council direct the City Manager to continue discussions with the Province of Ontario and Metrolinx regarding the urgent need for funding transit operations and maintenance for Eglinton Crosstown (Line 5) and Finch West (Line 6) in recognition of the City's immediate financial challenges. 18. City Council inform the Province of Ontario, that in the absence of a new funding model for transit operations in the City of Toronto commensurate with the scope and demands of the largest public transit system in Canada, the City will pause negotiation of further funding agreements for the Provincial Priority Transit Projects and any future provincial transit expansion projects. 19. City Council request the Province of Ontario upload the responsibility and costs associated with the continued construction and maintenance of the Frederick G. Gardiner Expressway and the Don Valley Parkway, including any future capital and operating costs. 20. City Council direct the City Manager to continue to advocate with the provincial and federal governments for a new fiscal framework that is commensurate with the complexity and scope of municipal services delivered by the City of Toronto, including those that are delivered as extensions of other orders of government or that benefit the Greater Toronto and Hamilton Area region, and City Council inform the provincial and federal governments, in the absence of a new fiscal framework, the City will be required to reduce essential service levels and cancel capital projects, including those that contribute to intergovernmental priorities. 21. City Council recognize and affirm the advocacy of the Federation of Canadian Municipalities calling on the Federal, Provincial and Territorial governments to engage the Federation of Canadian Municipalities and Provincial territorial associations in the development of a Municipal Growth Framework through a process by which new sources of municipal revenue, including predictable intergovernmental transfers and new direct taxation powers, are proposed, evaluated and implemented. 22. City Council direct the City Manager to forward a copy of the report (August 14, 2023) from the City Manager and the Interim Chief Financial Officer and Treasurer to the Federation of Canadian Municipalities. 23. City Council recognize and affirm the advocacy of the Ontario Big City Mayors calling on the Federal and Provincial governments to develop a new Municipal Growth Framework. 24. City Council direct the City Manager to forward a copy of the report (August 14, 2023) from the City Manager and the Interim Chief Financial Officer and Treasurer on Updated Long-Term Financial Plan to the Ontario Big City Mayors. 25. City Council request the City Manager further engage business and industry stakeholders on new revenue tools including, but not limited to the hospitality industry and small businesses. 26. City Council request the City Manager to investigate the feasibility for a potential tax levy per passenger from Billy Bishop Toronto City Airport payable to the City of Toronto and report back to the Executive Committee during the Budget Consultation process. 27. City Council request the City Manager to provide a comprehensive report detailing the necessary steps and governmental approvals required to establish a municipal lottery within our jurisdiction. 28. City Council request the City Manager to provide an analysis of the potential revenues that could be generated through the implementation of such a lottery. 29. City Council direct the City Manager to examine the City's current and planned future process improvement activities across city divisions using business process review tools such as a lean six sigma lens and report back to the Executive Committee as part of the 2024 budget process including: a. results to date of continuous improvement actions as part of the 2024 Divisional budget packages; b. a process for determining which City services/activities could benefit from further continuous improvement; and c. the City Manager and other relevant staff work with the Service Excellence working group of Councillors to determine how best to publicly report on how we are improving services towards making the City more streamlined, equitable and agile. 30. City Council direct the City Manager, in consultation with the Chief Financial Officer and Treasurer, to report to the October 31, 2023 Executive Committee meeting with a recommended approach to annual rolling program reviews that would include in-depth analysis on service delivery, staffing, and opportunities for ongoing savings, including those for the 2024 Budget. 31. City Council request the City Manager report back in advance of City Council's consideration of the Mayor's 2024 budget on the feasibility, cost and value-for-money considerations of conducting a Core Services Review. 32. City Council request the Chief Financial Officer and Treasurer, as part of the report back on an implementation plan to review options for curbing real estate speculation, to include the feasibility of a land transfer tax, above the otherwise applicable rate, on buyers of residential resale property where the purchaser owns more than one (1) property within the City of Toronto at the time of purchase, with appropriate exemptions such as purchase for a direct family member. 33. City Council request the Toronto Transit Commission to look at creative and imaginative ways to bring ridership back to the Toronto Transit Commission by engaging the Arts and Culture Services unit of Economic Development and Culture, and the Toronto Arts Council. 34. City Council request the Auditor General to consider as part of her work plan, a review of the automated enforcement programs and processes, including the alignment or optimization of revenue returns to the City.