Mayor John Tory is pledging to keep the city affordable through the upcoming 2018 budget.
On Monday, ahead of the budget launch this week, Tory announced that the budget will “invest in priorities of Toronto residents while keeping the city affordable.”
According to the City, staff proposed the 2018 operating budget will limit property tax increases to the rate of inflation and contains an overall spending increase of less than 1%.
“This year’s budget is based on the belief that we can invest wisely and compassionately, improving people’s lives while also operating within our means,” said Tory in a statement. “We will keep taxes low while significantly investing in the areas that will have a real, positive impact on people’s lives.”
Among the highlights by Tory, the Mayor said that this year’s budget will see a TTC fare freeze, more TTC funding, additional shelter beds, and property taxes will be kept at or below the rate of inflation.
I pledge that the City’s 2018 budget will invest in key areas and keep the city affordable. pic.twitter.com/3aENAetZN9
— John Tory (@JohnTory) November 27, 2017
“I will maintain my balanced approach, I will continue to work productively with Council and with over levels of government,” said Tory. “I will focus on delivering on the investments we’re making from transit to modernized government services, to affordable housing and signature projects like Rail Deck Park.”
The 2018 tax supported budget process will kick-off on November 30.