Toronto approves 2018 budget, with extra funding for transit

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City Council approved the Toronto 2018 budget Monday, with a special interest in transit. Included in the $11-billion operating budget budget is over $50 million for the Toronto Transit Commission (TTC) to help in new investments and maintenance, as well as provide discounts for low-income riders and the hop-on-hop-off transfer.

There will also be a fare freeze for the next year.

The city is planning on investing in transit, shelters, recreational spaces, and the Vision Zero plan, among others. The revenue for this budget is being collected from various sources, including taxes, TTC fares, provincial grants, and reserve funds.

Residential property taxes are set to increase 2.1 per cent along with the rate of inflation, while commercial taxes will only increase by one per cent. The city will be relying on approximately $800 million collected from the municipal land transfer tax to fund services, something city manager Peter Wallace says is dangerous considering the real estate market.

Prior to budget approval, mayor John Tory announced a $3 million addition to the budget earmarked to help overcrowding on Line 1, including the prioritization of the relief line. The 10-point plan includes the addition of more subway cars during peak hours, overnight maintenance schedules, hiring of platform staff for the Bloor/Yonge station, and the use of express busses to alleviate overcrowding.

“I know delays and crowding can be frustrating. I know people want an expanded transit system as soon as possible. I know how maddening it can be when transit and traffic don’t move in this city,” said Tory in a statement. “I want Toronto residents to know that I am dedicated to getting transit and traffic moving. I’m dedicated to building our entire transit network plan. I’m dedicated to making sure the TTC is doing everything possible to minimize delays and ease crowding.”

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