City Budget 2012 In October, the Board hosted a half-day Toronto Budget Forum with senior elected and un-elected City officials. Through two breakout sessions - one dedicated to expenditures and the other revenue - Board members spent an entire morning working through ideas to achieve fiscal balance. The ideas generated built on the principals of our VoteToronto2010 platform and have given shape to our 2012 budget submission. 2012 City of Toronto Operating Budget Submission The Board submitted its 2012 City of Toronto Operating Budget submission, entitled 'Paradigm Shift', on January 10th. The budget sets out new and clear boundaries which we support. Importantly we are encouraged to see our Mayor and Council facing up to the city's fiscal reality. For too long City budgets have been balanced on the backs of surpluses, provincial grants, and other unreliable sources of revenue. This budget lays out a paradigm shift at City Hall. Going forward, if the City is to provide a program or service, it must have ongoing and predictable revenue streams to pay for it. If the funds do not exist, a trade off must be made by ending an existing program or service. At the same time the Board has concerns about some funding reductions that we believe are essential to the City's economic and social well being. In particular we are concerned about reduced funding to the TTC. All levels of government must find ways to fund more transportation, not less. As well, the Board would like the City to reconsider the $4.7 million reduction to the Community Partnership and Investment Program (CPIP) which has a deeply felt positive impact in Toronto's thirteen priority neighbourhoods. Understanding the new paradigm, our submission recommends ways the City could raise the needed revenue. We believe a property tax increase of 3% (instead of 2.5% recommended by the city) and a TTC fare increase of 15 cents (instead of 10 cents recommended by the city) would increase additional sustainable revenue by $26 million. This would allow for payment of our stated priorities and other recommendations, while balancing of the budget in both the short and long term. The Board is proud of the leadership of its members in setting policy goals for the City of Toronto based on the shared vision of building a globally competitive environment for business, improving our aging public infrastructure, enhancing social cohesion and economic inclusion, and most importantly establishing a sustainable fiscal framework for City finances. To review our complete submission, click here

Media Matt Galloway in conversation with Carol Wilding, President & CEO of the Toronto Board of Trade Matt Galloway, Metro Morning, CBC