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Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
Joe Pantalone Fiscal Policy
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Joe Pantalone Fiscal Policy

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Joe Pantalone's Fiscal Policy Announcement

Joe Pantalone's Fiscal Policy Announcement

Published in: Business, News & Politics
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  • 1. JOE PANTALONE’S PLAN FOR A SUSTAINABLE CITY BUDGET ENCOURAGING INNOVATION & EFFICIENCY CREATING THE ENVIRONMENT FOR PROSPERITY & GROWTH PROTECTING OUR MOST VULNERABLE RESIDENTS WELCOMING PEOPLE INTO DECISION-MAKING LEADING OUR CITY TO FISCAL SUSTAINABILITY
  • 2. Good government is built on honesty. We have to be honest about Toronto’s f inances. George Smitherman and Rob Ford spin apocalyptic tales of a city being led over the brink by a corrupt and indulgent Council. They sometimes make for good headlines, but are at odds with most people’s experience of this great and vibrant city. The public deserves the facts. Every year since amalgamation (the administrations of Mel Lastman and David Miller) City Council has... • ...found new eff iciencies • ...delivered balanced budgets • ...maintained the lowest residential property tax rate in the GTA • ...steadily reduced taxes on our growing small businesses • ...continued delivering services that are the envy of the region and world
  • 3. Much accomplished, much to do. But challenges remain. The City is still saddled by the downloading of Provincial services, transit funding has yet to return to pre-Harris levels, and when the federal government mulls cuts to provincial transfers, cities are likely not far behind. Toronto’s next Mayor needs to make f inancial sustainability a priority, but must also protect the services which people expect from their government. Joe Pantalone’s opponents offer an impatient and half-baked solution: tax cuts and tax freezes.
  • 4. Cut revenues means cut service. Torontonians know that. In any large organization there is always ineff iciency to be found and f ixed. But government’s true role is creating conditions for success, building liveable communities, and helping those in need. That’s the difference between spending and investing. And a Mayor who understands that is the difference between a city that slowly crumbles and a city that continues to thrive.
  • 5. Fiscal Plan for Toronto. Balanced budgets • Continue to deliver balanced budgets by keeping costs down, and identifying opportunities for savings in each annual budget process. • Maintain the City’s AA+ credit rating by carefully managing and paying down debt as we complete the City’s $25 billion 10-year capital plan. Taxes • Provide predictable, moderate tax increases, if required, as part of multi-year budgets, f ixed inf lation at 2.5% on residential and 0.833% or less on business. • Continue to reduce tax rates on business and rental properties. • Phase out the regressive Vehicle Registration Tax. Public Transit • Call for a Toronto-Ontario Summit to negotiate a long-term funding strategy for the TTC. Once completed, the City will be able to plan for multi-year budgets. A true 50 percent cost-share on the day-to-day costs of transit would be approximately $250 million annually. And a capital agreement to fund the full Transit City plan should be negotiated. • Implement a multi-year fare plan to make increases predictable, while providing funding to maintain service levels as ridership increases. Public transit riders are willing to pay for service improvements, but can’t afford massive increases that arrive without warning.
  • 6. Municipal Downloading • Complete the upload of social services to the Province. The City can’t continue to subsidize the Province for programs like court services, welfare, and disability support plans and still balance the books. Community Budgeting • Allow Toronto’s four Community Councils to have direct control over some aspects of spending. Budgets for local initiatives within economic development, parks and recreation, and licensing investigations will be made in partnership with Community Council. Public Engagement • Create a Mayor ’s Council to invite the insight and experience of leaders in business, the arts, labour, and community engagement. • Host regular town halls at rotating locations across the city, including pre-budget hearings to set priorities and collect ideas for innovation and eff iciency. • Webcast Council Committees in real time, so you can be up-to-date on decisions that affect your community. Allow the public to interact with committee members online.
  • 7. 2011 Fiscal Plan STARTING PRESSURE $503M + JOE’S PROMISES $22M + REVENUE LOSS • PVT $16M • Senior ’s Tax Freeze REVISED STARTING PRESSURE $541M - 2009 SURPLUS $76M - 2010 SURPLUS $180M - ASSESSMENT GROWTH $35M - SERVICE EFFICIENCIES $85M - REDUCTION IN CAPITAL FROM OPERATING $35M - STRATEGIC LAND SALE /REVENUE FROM BUILD $75M REMAINING PRESSURE BEFORE TAX INCREASE $55M PROPERTY TAX INCREASE OF 2.5% RESIDENTIAL / 0.833% BUSINESS $55M REMAINING PRESSURE 0
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  • 12. VISIT MAYORJOE.CA TO LEARN MORE

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