TORONTO, March 7 /CNW/ - Toronto's transit, transportation and the
environment are the focus of the City's Capital Budget spending for the next
five years. Today Toronto City Council approved their first Five Year Capital
Plan of $6.7 billion with two-thirds of the budget focused on improving city
transit and transportation infrastructure.
"Fifty per cent of the 2007 Capital Budget is for the TTC, which is not
sustainable without long-term federal and provincial funding for transit
infrastructure," said Mayor David Miller. "We need a national transit
The City's Five-Year Capital Plan addresses the state of good repair
capital requirements within debt affordability guidelines and limits the
growth in infrastructure repair backlog. State of good repair spending will
average $1 billion each year from 2007 to 2011.
"Financing the City's 2007 Capital Budget and 2008 - 2011 Capital Plan
continues to be a major challenge," said Councillor Shelley Carroll, Chair of
the City's Budget Committee. "However, I'm proud that this Capital Plan
includes much-needed investment in transit and infrastructure. It will help
make Toronto a better city."
The approved 2007 Capital Budget and 2008-2011 Capital Plan focuses on
the City's health and safety, legislated, and state of good repair capital
spending needs. Of the $1.432 billion 2007 Capital budget, about 75 per cent
or $1.074 billion is targeted to these three categories of projects.
"Included in the five-year Capital Plan are investments in projects that
contribute to the Mayor's priorities of making Toronto a safer, cleaner,
greener and beautiful city with transit strategic directions that are in
accordance with Council's official plan," said City Manager Shirley Hoy.
While the 2007 Capital Budget's major focus is on infrastructure
maintenance, there is limited investment to fulfill the priority service
demands of a growing Toronto population. Capital Budget improvements for a
greener tomorrow include, new light rail vehicles and buses, energy-use
reductions project for City buildings, and investing in trails and parkland.
"We are balancing our affordable debt limits against the maintenance of
City assets," added Joe Pennachetti, Deputy City Manager and Chief Financial
Officer. "However, without sustained new sources of funding, our debt burden
will continue to rise and we will be unable to provide the needed new services
or facilities to meet growth demands of city residents and businesses."
For more information about the 2007 Capital Budget, visit
Toronto is Canada's largest city and sixth largest government, and home
to a diverse population of more than 2.6 million people. It is the economic
engine of Canada and one of the greenest and most creative cities in North
America. In the past three years Toronto has won more than 50 awards for
quality and innovation in delivering public services. Toronto's government is
dedicated to prosperity, opportunity and liveability for all its residents.
Visit our website at www.toronto.ca
For further information:
For further information: Cindy Bromley, Communications Manager, (416)
392-4993; Kevin Sack, Director, Strategic Communications Division, (416)