Finally, he decided to do what was needed!
Sorry, but I don't think so.
Gord Perks on twitter:
- JohnTory has propose a 2.5 property% tax increase to be phased in between 2017-22 to pay for transit and housing capital costs
- Yesterday we had a dire presentation from the City Manager.
- Two things jumped out. He couldn't balance the 2016 operating budget within inflation and we have $20B + in unfunded capital
- The Mayor's announcement does not address either of these problems.
- In his remarks the Mayor was very specific that the extra tax will not be applied to operating shortfalls. It will be for capital only.
- The Mayor reiterated that he will use efficiencies to balance future budget. During last year's budget he promised to do that this year. The City Manager told us yesterday that this hope had failed
- Further the Mayor himself keeps adding operating spending in Transit, Policing, and Poverty reduction. He didn't pay for that today.
- The tax is for housing and transit capital. I'm happy he finally agrees that we can't just wait for Feds and Province on housing repairs.
- BUT today's proposal won't cut it. Our capital need is over $20 Billion, $65M would carry and retire only 1/20th or 5% of that amount.
- We still have two conversations to have. A) Which do people want fewer services or higher taxes? There is no third option. And B) when will we join other large world Cities and use a full suite of revenue tools? The only way to build needed new infrastructure