Board of Trade pleased with uploading; Calls on city to invest

    TORONTO, Oct. 31 /CNW/ - The Board of Trade welcomes the findings of the
Provincial Municipal Review. The Board of Trade has advocated for a
realignment of the provincial and municipal financial and service relationship
for many years and sees this as an opportunity to make Toronto a more
competitive city. Over the next ten years, the City of Toronto alone should
realize savings of $445 million, with millions more saved in neighboring GTA
    "We are pleased that the Government of Ontario has returned financing of
these programs to the Provincial level where they belong," said Carol Wilding,
president and CEO of the Toronto Board of Trade. "We also recognize that the
current fiscal situation has lengthened the timeline for implementation and
reduced the amount of money available for all priorities but it is important
to note that the Government of Ontario continues to have ongoing dialogue with
the City of Toronto and AMO."
    With the clarity presented in the review, the Board will continue
advocating with its members for the City to develop a five-year plan for
capital and operating budgets. The Board continues to believe the City's
priorities must focus on new municipal infrastructure and reducing tax rates
for non-residential properties - measures the Board believes can make the city
a more viable and competitive place to do business.
    "This is an opportunity for the City of Toronto to implement economic
development decisions and infrastructure investments with those newly realized
funds. The city released its capital budget yesterday and this announcement
should allow the city to build on those plans. That should mean enhancements
in the city's global competitiveness and in quality of life for Torontonians,"
continued Wilding.

    With a rich, 163-year history and an innovative vision for the future of
our city, the Toronto Board of Trade works with all levels of government to
help the Toronto region achieve its full potential economically, socially and
culturally. Nearly 10,000 corporate and individual members represent
businesses of all sizes in virtually all sectors, operating throughout the
Greater Toronto Area.

For further information:

For further information: Andrea Ritter, Director, Communications,
Toronto Board of Trade, 1 First Canadian Place, PO Box 60, Toronto, ON, M5X
1C1, Phone: (416) 862-4507, Fax: (416) 366-5620, Web:

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