Toronto Board of Trade

Toronto Board of Trade

March 29, 2007 12:59 ET

Toronto Finances Need Fundamental Change

Toronto Board of Trade says City Hall on an 'unsustainable' path

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(CCNMatthews - March 29, 2007) - The Toronto Board of Trade told the City's Budget Advisory Committee today that fundamental change is needed to put the Toronto government on a sustainable financial path.

"Frankly, we are frightened for Toronto's future," said Board President & CEO Carol Wilding during public hearings on the City's operating budget. "Instead of making continued progress towards the competitive and sustainable city we all want and need, our government is trapped in an unsustainable status quo."

Wilding pointed out that the City budget increases spending, debt and taxes while depleting reserves. Toronto businesses, already paying the highest municipal property taxes in the GTA, face an increase of more than $23 million a year.

"We understand that the City faces pressures because of the lack of sustainable funding for social programs and transit from the other levels of government," explains Wilding. "However, it is vital that the Toronto government practice greater cost control in those areas where it has discretion. Spending increases beyond inflation or the growth in our economy should not be acceptable."

The Board President says more efficient spending would increase the confidence of the public and other governments in Toronto's management, and make any necessary new revenue tools more acceptable.

"Uploading of social services and the creation of a national transit strategy are part of the fundamental change Toronto needs. However, the change must start at City Hall with recognition that the current spending model is simply not working."

The Toronto Board of Trade is the champion of a competitive and vibrant Toronto with a mandate to serve, represent and unite the city's business community. Founded in 1845, Canada's largest chamber of commerce operates at five locations across Toronto. Further information about Board events, policies, advocacy and products is available on its website at www.bot.com. Further commentary from Board executives is available on the Board Blog at www.bot.com/blog.
/For further information: www.bot.com/media/ IN: ECONOMY, FINANCE, POLITICS

Contact Information

  • Glen Stone, Public Affairs Manager
    Primary Phone: 416-862-4565
    Secondary Phone: 416-998-9458
    E-mail: gstone@bot.com