Mayor Miller calls millions in transit funds ‘great news’
Toronto homeowners can expect a 3 to 4 per cent property tax increase next year, thanks to millions in transit funds promised by Queen’s Park, says Mayor David Miller.
"For the first time since amalgamation, it will give us a viable operating budget before the budget process starts," Miller told reporters yesterday after Finance Minister Dwight Duncan delivered his economic statement. "It’s great news."
With the promise of $500 million for public transit in the province — of which Toronto is expected to get a large chunk — the city can avoid the usual spring budget dance.
Because of systemic funding shortfalls for transit, welfare and public housing, politicians have scrambled every year to balance the operating budget, which grows to $8 billion next year.
Typically, there are dire warnings of cuts to programs or threats of whopping tax increases until Queen’s Park offers up last-minute assistance.