The City of Toronto’s $17 billion budget supports the operation of a broad range of programs and services, from affordable housing, public transit and community services to public libraries, parks and recreation, public health programs, and many more.

City funding supports the work required to advance our collective commitments to reconciliation, equity, and human rights. 

After years of austerity budgets that prioritized low property taxes above all else, the City of Toronto's proposed budget for 2024 promises significant new investment in critical community services despite difficult financial times. Launched on January 10, the proposed budget includes over $152 million in new funding for key services in the areas of shelter and housing, long-term care, public libraries, public transit, climate action, community crisis response, and paramedic and fire services. City of Toronto revenues make up the lion’s share of the funding for new and enhanced services, with a municipal contribution of over $126.5 million. 

After more than a decade of government inaction and half-measures, the City of Toronto and Province of Ontario have struck a deal that will substantially improve the City’s monumental financial troubles — an essential step toward creating a more livable, equitable, and sustainable city for all.

On November 30, 2023, Social Planning Toronto hosted a Resident Budget Forum with 22 resident leaders from across Toronto. Residents shared their thoughts on the City's main pre-budget consultation questions and provided feedback on how to make budget consultations processes at the City more equitable, accessible, and inclusive. This City Budget Watch post provides a summary of what we heard from resident leaders at the Resident Budget Forum.

Throughout the month of November, the City of Toronto is conducting resident engagement and pre-budget consultations to inform the priorities for the 2024 City budget.

Last month, Toronto City Council reviewed the updated Long-term Financial Plan, taking first steps to address the City’s serious financial woes and calling on the provincial and federal governments to pay their fair share and provide the City with new revenue tools that grow with the economy.