The Toronto Taxpayers Coalition is concerned about the lack of cost savings initiatives in Mayor Tory’s 2015 budget.
“Though we appreciate and understand the need for an injection of money into services and infrastructure, we are concerned about the clear lack of focus on exploring more efficient ways to save money,” says President Matthew McGuire.
The service improvements will also not come without some cost to the taxpayer. Despite the free TTC rides for children, there are no other cost reductions in this budget, only a large scale injection of money into projects that will cost the taxpayer more and are financed in part by the provincial government.
Though it appears an admirable feat to pay for a substantial increase in services and infrastructure by keeping property taxes below rate of inflation, it is no doubt coming at the expense of borrowing cash from Premier Wynne’s government.
“Claiming that we now have a ‘balanced budget’ while at the same time requiring a $86 million bailout from to province does not actually equal a balance,” says McGuire.
Tory’s budget could also rely heavily on a $200 million line of credit from the province in order fund these projects. This is a lofty budget that relies heavily on factors such as the provincial payout and large-scale revenue from the municipal land tax which already unfairly taxes homeowners in Toronto.
“Mayor Tory has more political capital now than ever, and should be spending that capital by finding and delivering real and meaningful savings for taxpayers.”
We expect more in the future from Mayor Tory and his executive team in finding efficiencies so that we don’t have to continue to borrow money from Premier Wynne.
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