Everything’s fine. Everything’s under control despite the assault on reasoned municipal governance endured by the city of Toronto over the past 4 years.
Storm clouds on the horizon?
Queen’s Park and Ottawa have to get more seriously involved in both the transit and housing files. The province needs to return to the table with its share of half the TTC’s annual operating budget. The feds, well. No country in the developed world is missing any sort of national participation in social housing (not to mention public transit) except this one. Cities should not, cannot be expected to foot the lion’s share of funding to provide affordable housing for its residents. Without serious partners on this, City Manager Joe Pennachetti suggests, sooner rather than later, we will be forced to start closing down housing because there will be no way to keep all of it safe and inhabitable. He calls this the “smoking gun”, threatening Toronto’s fiscal sustainability.
Local politicians also need to wean themselves off such a heavy dependence on the property tax base as a source of revenue. No, no, no. This doesn’t mean keeping them low. Our residential property tax rate remains the lowest in the entire GTA. We have to diversify, tap into other ways of paying for things. The city manager is partial to a local sales, income or corporate tax. Discuss amongst yourselves but we need to stop pretending that Toronto doesn’t have a revenue problem. It was a catchy phrase that was the complete opposite of the truth.
The city manager’s 3rd annual address to the Institute on Municipal Finance and Governance was pretty much a repeat performance. Nothing entirely new or surprising. If only more of our elected officials (and electoral hopefuls) were listening.
— repeatedly submitted by Cityslikr