Council has approved an $11-billion operating budget that for the fourth year in a row keeps property taxes in line with inflation while rejecting calls to fund more shelter beds, subsidized daycare spaces and other urgent needs.
The budget passed late Monday night was much the same as the one recommended by Mayor John Tory’s executive committee, following his direction to keep taxes low, freeze spending across many divisions and fund new programs from reserve funds. The budget continues to rely on a hot housing market, which city staff and real estate experts have warned against.
Council approved Tory’s 2.1-per-cent hike in a 33-11 vote. The increase climbs to 2.91 per cent including a dedicated levy for transit and social housing. City staff say that translates into an increase of just over $82 on an average Toronto home with an assessed value of $624,418.
“I think this budget moves us forward on every …