On the subject of compensation..........
Toronto Councillors who do their job well earn their pay......but at over 100k, I don't think a lack of compensation deters high quality candidates.
At ~200k, there's room to pay the Mayor more, though a very, very rich, John Tory, well into his retirement years is hardly influenced by the current level of compensation, +/- another 100k wouldn't move the needle for him.
That said, no one is standing in line at the food bank on that kind of money, and one has to be mindful that the compensation comes from taxes levied on people who overwhelmingly earn less.
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We need to distinguish those small-town Mayors who get only an honorarium, or a salary so low its akin to one from big City mayors and councillors who are typically more generously compensated.
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When we look at what discourages qualified people in big cities from running for office, we need to state, emphatically that many such people do run and some even win!
The barriers to winning are often about incumbency and the electoral system, as well as low participation rates, rather than a poor selection of candidates.
Beyond the above, I expect what may discourage is the workload, the evenings/weekends away from family to attend assorted meetings/events and the like. There is only so much to be done about that........
I don't think another 30k in the compensation package makes that any more tolerable to those who find it challenging. More councillors (smaller wards) can help a bit; though what you gain in fewer meeting/events, you may
trade for longer ones with more councillors speaking on agenda items.