Fixing the City’s finances

Based on extensive consultations with our members and city stakeholders, Bridging the Chasm outlines the Board of Trade's recommendations to mayoral candidates on fixing Toronto’s strained finances. The report offers ideas and in-depth analysis of several solutions that could save the City as much as $2.2 billion over the next five years.

There is no single silver bullet solution to overcome the City’s growing deficit. But Bridging the Chasm highlights 3 “must-do” actions the City’s next administration must take to get Toronto’s finances back on track for good:

1. Reform the City’s labour model
2. Reduce/eliminate debt
3. Implement multi-year operating budgets

With our next municipal election just weeks away, voters need to understand both the scope and the implications of Toronto’s financial challenges before heading to the polls. Prolonged budget shortfalls have a devastating impact on the competitiveness of our city and our quality of life. Without balanced books, the City cannot afford the programs, infrastructure and services needed to attract investment, foster economic growth, create jobs and maintain the high quality of life that remains one of Toronto’s greatest strengths. 

Download Bridging the Chasm now, and join the discussion at VoteToronto2010.com.

For nearly a decade, the City of Toronto has faced a significant structural operating budget deficit. In February 2010, the Board of Trade released a groundbreaking analysis that forecasts what will happen to the City budget without proactive policies to reduce spending and boost revenue. The Growing Chasm: An Analysis and Forecast of the City of Toronto’s Finances shows that the current deficit could balloon to over $1 billion by 2019 unless there is a viable plan to return to a balanced budget. Read The Growing Chasm now to learn more.