Toronto City Council adopts historic New Deal with Province of Ontario to help achieve long-term financial sustainability

On Wednesday, Toronto City Council unanimously adopted recommendations to implement the Ontario-Toronto New Deal, an historic agreement that will have a strong positive effect on the City of Toronto’s finances. The recommendations approved by Council were part of the “Ontario-Toronto New Deal Agreement” staff report.

Additionally, through a motion moved by Mayor Olivia Chow, City Council has requested the Government of Canada be a full partner in the New Deal, reaffirming the requirement for federal shelter funding for refugees and asylum seekers to unlock provincial shelter funding of $200 million annually and federal matching dollars of $758 million to unlock provincial funding for new subway trains on Line 2. City and provincial staff will continue to jointly advocate to the Government of Canada for their support.

On September 18, Premier Doug Ford and Toronto Mayor Olivia Chow announced a Working Group of senior public servants from the Government of Ontario and the City to make recommendations to achieve long-term stability and sustainability of the City’s finances. The New Deal outlines specific actions that will advance key shared priorities of the province and the City, and will result in a substantive improvement to the City’s financial position.

The New Deal demonstrates the City’s wide-ranging approach to ensure a sustainable financial situation. Leading up to today, the City has successfully mitigated financial pressures identified through the Long-Term Financial Plan with a combination of immediate and long-term actions. City Manager Paul Johnson will provide an update to City Council by the end of 2024 on the implementation status of the New Deal.

More information is available in the Ontario-Toronto New Deal Agreement report (Item – 2023.CC13.2) available on the City’s website: https://secure.toronto.ca/council/agenda-item.do?item=2023.CC13.2.

Quote:

“By securing a new deal, we’re unlocking Toronto’s potential. We now have billions more to spend on affordable housing, fixing our aging transit system and building communities with all the things that make them wonderful places to live. The City will continue discussion with the Province of Ontario over the next few years to facilitate long-term fiscal sustainability. While we have made considerable progress working with the Province of Ontario, it’s time for the Government of Canada to step up and join us at the table.”
– Mayor Olivia Chow

SOURCE City of Toronto