Economic Health

collage-demographicsWhy is this important?

The Report tracks a number of important indicators of Toronto’s economic strength or weakness. Beyond large aggregated statistics like growth in GDP (which may mask underlying problems such as environmental degradation and income inequality), factors such as construction activity, tourism, and bankruptcy rates are important indicators that point to levels of investment, confidence, and economic stress.

 

What are the trends?

Toronto’s construction activity, considered a key indicator of economic vitality, was down in 2014, although major building construction remains a strong area for Toronto. The Region continues to attract visitors; it smashed two tourism records in 2014, for number of overnight visitors (including overseas visitors) and hotel room nights sold. The City urgently needs more revenue to meet major capital demands for transit and other aging infrastructure. Like other municipalities, Toronto receives just about 8 cents of each tax dollar paid in Canada (and the federal-municipal fiscal imbalance is growing).

 

 

Data refer to the city of Toronto unless otherwise noted 2012 2013 2014
1.    GDP (millions of constant 2007 dollars) $158,647 $161,614 $166,663[1]
2.    Annual real GDP growth 1.8% 1.9%[2] 3.12%[3]
3.    Total annual value of building permits (unadjusted for inflation) $6.51B $7.90B $6.98B[4]
4.    High-rises under construction (on May 1)  173 147 133[5]
5.    Number of personal bankruptcies

(business bankruptcies)

(Toronto Region)

 

7,203

(488)

 

6,714

(466)

 

6,032[6]

(368)[7]

 

What’s new?

Toronto has “come into its own as a global business centre,” with a downtown “class A” office market in one of the longest development cycles in its history, projecting to adding almost 10 million square feet of prestigious commercial real estate between 2009 and 2017. Meanwhile, as the City’s 10-year capital budget grows to $31.71B, a new report examines how governments facing budgetary constraints can pay for the public spaces that enhance quality of life and attract skilled workers and investment. And the Toronto Region Board of Trade and the United Way propose that more revenue for municipal programs and services as well as more spending will follow from equitable access to prosperity. Equity, they say, is good for business.

 

Does equal opportunity make good business sense?

projectingEquity is good for business:

  • A collaboration between the Toronto Region Board of Trade and the United Way (part of the Board’s “Think Twice, Vote Once” campaign) proposes solutions for a more liveable city Region in light of an increasing prosperity gap, as evidenced by:
    • A projected increase in high-income jobs, but also in low-income, insecure jobs. Projections for the Region to 2019 show that manufacturing will continue to decline (by 13,791 jobs), and information/culture is projected to shed 3,968 jobs, perhaps a result of significant changes within the more traditional sections (e.g., publishing and media) of this industry.[8]

 


ecoheatlh-torontoregion1

Projected Employment by Industry Growth, Toronto Region, 2014-2019[9]

 

ecohealth-projectedgreatestdemandgrowthbymajorgroupProjected Greatest Demand Growth by Major Group Occupational Groupings, Toronto Region, 2014-2019[10]

 

 

Youth (Ages 15-24) Unemployment Rate, Toronto vs. Ontario, and Canada, 2005-2014[11]

  • A high youth unemployment rate—it reached close to 22% in 2014.[12]
  • High rates of new immigrant unemployment. Unemployment rates are higher, and incomes lower, for new immigrants than Canadian-born workers. In a 2010 report, the Board estimated that failing to recognize the qualifications and experience of newcomers costs the region approximately $1.5B to $2.25B a year.[13]
  • An increasing geographic divide between high- and low-income neighbourhoods, as revealed by the “Three Cities” research (see below).
  • The report stresses the well-established link between social progress (equity, inclusion, and access), social cohesion, and economic prosperity.
  • Ensuring that all residents, especially struggling youth and newcomers, have access to better opportunities and outcomes makes good long- and short-term business sense—i.e., more spending, more revenue for municipal programs and services, and reduced reliance on remedial systems such as healthcare and criminal justice.
  • Proposed solutions include:
    • closing the Region’s prosperity gap through private sector leadership, collaboration among clusters to support productivity and attract good jobs, and modernising public policy for a changing labour market;
    • closing the prosperity gap between neighbourhoods through multi-sectoral collaborations and innovative public policy as a vehicle for change, social procurement, and the opportunity to integrate social and economic goals;
    • economic inclusion of youth and newcomers through an enhanced municipal role in workforce development planning, collaboration across sectors, and a strong community services sector; and
    • developing a better understanding of the Region’s labour market dynamics by collecting labour market data, supporting the use of this information, and projecting labour demand by occupation and industry analysis.[14]

 

 

How does the city balance its revenues and ensure it can deliver all of its services?

 

Municipalities collect just 8 cents of every tax dollar paid in Canada: ecohealth-howdoesthecitybalanceitsrevenuesandensureitcandeliver

 

  • A significant fiscal imbalance remains between federal revenues (which have been increasing as their expenditures have been declining) and municipal revenues, which have not been keeping up with expenditures.[15]
    • Toronto’s tax revenues come from four sources: property taxes, the land transfer tax, the billboard tax, and a now permanent gas tax. Other international cities have far more revenue sources. Berlin’s revenue tools include a beer tax and taxes on lotteries, and New York City’s include sales, income, cigarette, and many more taxes.[16]

 

The City’s operating budget for 2015 is $11.5B, a 19.8% increase over 2014’s $9.6B.[17]

  • Overall, the total 2015 budget tax increase after assessment growth is 1.5%. Residential properties will see a 2.25% increase but, in keeping with Council’s strategy to enhance the city’s business climate by reducing business taxes, non-residential properties will see an increase of 0.75%.
    • The total municipal tax increase for residential properties is 3.2%, which includes 0.5% to fund the new subway extension in Scarborough. The average house assessed at $524,833 will pay $2,679 in 2015.
    • The total tax increase for non-residential properties, including rental apartments, is 0.48%.[18]
    • The property tax increase was kept below the rate of inflation by an 8% water rate increase and a 3% garbage collection increase.[19]
  • The budget maintained all current programs and services and provided funding for new and enhanced services, including:
    • $39M in transit service improvements (funded by a 10-cent fare increase) including eliminating fares for children aged 2-12, 50 new buses to implement new express routes and reduce overcrowding, improved subway services, and expanded overnight bus and streetcar service;
    • $25M for poverty reduction including new shelter beds, increases to the student nutrition program, additional funding for childcare subsidies, enhanced shelter warming centres during extreme weather events, and expansion of priority centres;
    • 56 new paramedics and 25 more fire prevention officers;
    • additional positions in City Planning to carry out heritage and area studies; and
    • increased funding for tree planting.[20]

 

ecohealth-cityoftoronto2015totaloperatingrevenues

City of Toronto 2015 Total Operating Revenues of $11.5B[21]

ecohealth-cityoftoronto2015totaloperatingexpenditures

City of Toronto 2015 Total Operating Expenditures of $11.5B[22]

 

Toronto needs new revenue sources if it is to build new, or even maintain, its existing infrastructure:

  • Income from property taxes funds about 40% of the City’s operating budget. The remainder comes from user fees and payments from other levels of government.[23]
  • Residential property taxes are low and have grown at less than the rate of inflation. Torontonians (on average) pay lower property taxes than residents of many other Ontario municipalities.[24]
  • The City of Toronto Act (passed in 2006[25]) gives the City the ability to add its own taxes to various goods and services, such as a vehicle-registration tax (the City lost about $60M a year in income when this was repealed in 2010), an entertainment tax (Chicago, for example, has a 9% entertainment tax), road tolls (a toll on the Don Valley Parkway could generate up to $120M a year according to one study), or taxes on parking, tobacco, or alcohol.
  • New York City has 24 different taxes including a property tax, land transfer tax, sales tax, income tax, and vehicle tax. It generates a third of its revenue from income and sales globaltax.[26]
  • A report by the Institute on Municipal Finance and Governance at the Munk School of Global Affairs, University of Toronto, on the state of the City’s finances and recent fiscal trends predicts that the funding shortfall to even maintain the city’s existing assets will grow to nearly $2.5B by 2020.
    • Toronto Community Housing alone requires $860M for repairs to social housing.[27]projecting
    • Transit alone accounts for a significant piece of the annual operating pie, and ambitious plans for essential new developments will require billions more in capital funding.[28]


ecohealth-cityoftoronto2015propertytaxrevenueCity of Toronto 2015 Property Tax Revenue Spending[29]

 

  • Meanwhile, City staff have recommended increasing gambling options at Woodbine Racetrack, a move that could generate as much as $14M a year in additional revenue for the City.[30]
    • In 2012 the previous Council, amidst a contentious debate over a proposed downtown casino, voted 24-20 against expanded gaming at the track.
    • Woodbine currently has over 3,000 Ontario Lottery and Game Corporation (OLG) slot machines.[31]

 

91% of the growth in net expenditures since 2006 is due to Emergency Services and the TTC:[32]

  • In 2015, 53% of the portion of the City budget that comes from property taxes goes to police, fire, and paramedics and the TTC. 25% of all tax revenues that Toronto receives goes to the Police Service and Board alone.
  • The cost of Provincially mandated and shared services (Public Health, Children’s Services, Employment and Social Services, and Housing and Shelter Support), which has dropped in recent years as expenditures have been uploaded to the Province, comprises 15% of the total 2015 operating budget.[33]

 

ecohealth-cumulativebudgetarygrowthbetween2006

 Cumulative Budgetary Growth Between 2006 and 2015, City of Toronto[34]

 

Two-thirds of the capital budget will be spent on transit and transportation:

  • The tax-supported capital budget for 2015 is $2B,[35] 9% less than 2014’s $2.2B.
  • 67% ($1.34B) will go to fund transit and transportation projects, including $146M for the Spadina Subway extension and $37M for the Scarborough Subway.[36]

City of Toronto 2015 Tax-Supported Capital Budget[37]

 

The 10-year capital budget and plan grew by 70% over last year, with 81% being dedicated to transit, transportation, and water services:

  • The 10-year (2015-2024) tax- and rate-supported capital budget has increased from $18.6B in 2014 to $31.71B.[38]
    • Roughly 57% of this will be spent on maintaining and investing in the City’s state of good repair for aging infrastructure.
    • $1.6B in new capital investments will go towards transportation and public transit, facilities and shelter, and technology.
    • The budget plan will also continue to fund the Toronto-York Spadina subway extension ($592M) and the subway extension in Scarborough ($3.4B).[39]
  • Major investments over the next 10 years include:
    • $970M for the rehabilitation of the Gardiner Expressway,
    • the purchase of 60 new subway cars, 810 new buses, and 195 light rail vehicles for the TTC,
    • the new McNicoll bus garage and completion of the Toronto Rocket Storage Yard,
    • $627M to be used to address the Parks, Forestry and Recreation state-of-good-repair backlog, and
    • the construction of new fire and paramedic services stations.[40]

 

ecohealth-cityoftoronto10year2015-2024totalcapitalexpenditures

City of Toronto 10-Year (2015-2024) Total Capital Expenditures of $31.71B[41]

 

 

What creative mechanisms are emerging in Toronto to fund capital enhancements to our urban environment?

 

Toronto’s Centre for Social Innovation and the Toronto Public Space Initiative are lauded as examples in a national report on innovation in financing urban spaces:

  • Ideas-and-InnovationsAn Action Canada task force report examines how governments facing budgetary constraints can pay for the public spaces that enhance cities’ and communities’ quality of life and attract the skilled workers and investment necessary for economic growth.
  • Community organizations and the public are increasingly playing a role in developing urban spaces and places (streetscapes, parks, bike paths, green spaces, etc.) using innovative, emerging tools such as crowdfunding and community bonds.
    • Community bonds allow a community organization to provide both financial and “intangible” returns to bondholders. The Centre for Social Innovation raised several million dollars by issuing community bonds, using the funds to buy buildings to house and support social enterprises.
  • Policymakers need to better understand these tools and change the law to accommodate them.
    • The task force recommends that local governments identify an internal “champion” of innovative finance tools and engage a variety of stakeholders through “user-friendly policies and citizen-centric approaches.”
    • Recommendations at the provincial and national levels include provincial governments exploring tax exemptions for municipal bonds, and the federal government adapting its charity laws to accommodate crowdfunded, municipality-approved public space projects.[42]

 

How well is Toronto performing on indicators of economic vitality?

 

Toronto’s economic growth and productivity is modest but growing:

  • The provincial economy as a whole grew by 2.1% in 2014.[43]
  • In millions of constant 2007 dollars, GDP in the city of Toronto in 2014 was $166,663 million (3.1% higher than the $161,614 million in 2013).[44] Toronto’s GDP in 2014 was 18.6% of the national total ($1,637,442 million), and 27.8 % of the provincial total ($600,575 million).[45]
  • The growth of annual GDP in 2014 was 2.0 in Canada as a whole (compared to 2.0 in 2013), while Ontario’s was 2.8% in 2014 (versus 1.2% in 2013). The growth of annual GDP in 2014 in the Toronto Region was 3.3% (compared to 1.7% in 2013), while in the city of Toronto, it was 3.1% in 2014 (versus 1.9% in 2013).[46]
  • projectingGDP for the Toronto Region is expected to grow by 2.2% in 2015 and 2.9% in 2016.[47]
  • Toronto’s productivity (measured by GDP per worker) grew by 2.2% in 2014 (better than the 0.4% in 2013), from $114,208 to $116,673.[48]
  • According to the City, the downtown core accounts for only 3% of the land space in Toronto, but for 50% of GDP and 33% of employment.[49]

ecohealth-GDPmillionsofconstant2007dollarsGDP (Millions of Constant 2007 Dollars), 2001-2014, City of Toronto[50]

 

Business and consumer bankruptcies continue to decline in the Region:

  • 2014 saw 368 business bankruptcies in the Toronto Region, a decrease of 21% from 466 in the previous year and a 66.1% decrease from 1,085 in 2007.[51]
    • The rate of business bankruptcies in 2013 was 1 per 1,000 businesses, equal to the provincial average but lower than the national average (1.2 per 1,000).[52]
  • There were 6,032 consumer bankruptcies in 2014, about half as many as in 2008 (12,208) and down 10.2% from 2013 (6,714).[53]
    • The rate of consumer bankruptcies in 2013 was 1.4 per 1,000 people (18 years and older), lower than both the national (2.5 per 1000) and the provincial (2.0 per 1,000) averages.[54]

Ideas-and-Innovations
Cleveland has enacted an “anchor mission” to harness the city’s biggest institutions such as universities and hospitals to stimulate the local economy.

  • Anchor institutions are publicly oriented organizations that are unlikely to leave the community, have a broad employee base, and are key contributors to the community’s economy.
  • The Cleveland Foundation is a leading neutral convenor in the city, and as part of this strategy has made efforts to convince anchor institutions to buy and hire locally, as well as to impact invest locally.[55]

 

The Region’s ability to attract visitors smashed two tourism records in 2014, with the highest-ever number of overnight visitors (including the highest-ever number of overseas visitors) and hotel room nights sold:

  • In 2014, 14.3 million overnight visitors chose the Toronto Region for business and pleasure (up from 13.69 in 2013). Their spending, along with that of same-day trip visitors, added $6.9B to the Region’s economy (up from $6.54B in 2013).
    • Toronto is the most-visited Canadian city by other Canadians. In 2014, 10.5 million overnight Canadian guests generated $2.44B.
  • Tourism Toronto’s marketing strategy for overnight visitors to the Region is focused on what it calls “high-value visitors” from major US cities and key overseas (all countries other than Canada and the US) markets including the UK, Germany, China, Japan, and Brazil.
    • For the fourth year in a row, Toronto saw an increase in overnight visitors from the US (2.3 million, a 3.7% increase over 2013). US visitors who fly to Toronto are more likely to stay longer and spend more, and this year, that higher-value visitor accounted for 64% of total US visitors, up from 51% in 2009.
    • China overtook the UK in 2014 as our biggest overseas market, with 230,485 visitors, an increase of 27% over 2013.
  • For the fourth year in a row, Toronto Region hotels booked more than 9 million room-nights—in 2014, a record 9.45 million (up 2.5% from 9.22 million in 2013), representing 71.4% hotel occupancy for the year.[56]
  • Despite this positive trend, Chicago’s tourism budget is half that of Toronto’s, but they attract almost five times as many visitors.[57]

global

ecohealth-tourismexpenditureandprofit

Tourism Expenditure and Profit, Toronto, Chicago, and New York[58]

 

AirBnB, an online business platform for people around the world to list, search, and book accommodations (often in private homes), released a series of reports in 2014 focusing on twelve global communities in an effort to tout its positive impact on local economies:

  • AirBnB’s most popular Canadian city is Montréal, with 73,800 guests in 2014. Toronto is second and Vancouver third.[59]

 

How is Toronto faring in terms of a key indicator of economic vitality—construction activity?

 

Construction overall was down in 2014, although major building construction remains a strong area for Toronto:

  • Housing starts in the city continued their decline, dropping 25% to 11,671 in 2014 (down from 15,618 in 2013, itself a 38% drop from 2012).[60]
  • The value of building permits issued in Toronto in 2014 decreased from the previous year by 11.6% to $6.98B (down from 7.90B in 2013, but up from $6.5B in 2012).
    • $4.3B in residential building permits was issued in 2014, down from $4.5B in 2013 (but up from $3.1B in 2012).
  • The value of commercial permits was down $6.4M ($1.96B in 2014 versus $2.6B in 2013).[61]
  • As of April 15, 2015, 133 high- and mid-rise buildings were under construction in the city, slightly fewer than the 147 reported at the same time the previous year.
  • According to com, Toronto has the most high- and mid-rise buildings under construction of any city in North America. And although Toronto has slightly fewer 50+ storey buildings under construction than New York City does, we have significantly more buildings under 50 stories and are second only (according to another data source, Emporis) to New York for major buildings under construction.[62]

 

The Toronto Region gained an additional 2.1M square feet of office space between Q4 2013 and Q4 2014:

  • By Q4 2014, the Region boasted 173,788,753 ft2 of office space, a 1.23% increase over the same period the previous year (up from 171,651,359 ft2).[63]
    • 5 million ft2 of office space was built between 2009 and 2011, and 5.1 million ft2 are estimated to go up between 2014 and 2017.[64]

projecting

Toronto has “come into its own as a global business centre,” with a downtown “class A” office market currently in one of the longest development cycles in its history:

  • Global commercial real-estate firm Cushman & Wakefield reports that this cycle will see class A office inventory increase by 25.9% (9.9M ft2) between 2009 and 2017.
  • Although the new supply means premium office space vacancy will rise (it is expected to reach 9.6% downtown by 2017), the report predicts that this market’s solidity and explosive growth will sustain its success.[65]

projecting

ecohealth-torontosdowntownclassAmarketdynamics

Toronto’s Downtown Class A Market Dynamics with Projection Forecast, 2008-2017[66]

Residents in Toronto’s Parkdale neighbourhood are measuring and monitoring quality of life in the community themselves with an eye to developing a long-term neighbourhood plan:

  • The Parkdale People’s Economy project attempts to rethink “the economy” and take a different and unique approach to local economic development that goes beyond traditional economic indicators like GDP and is instead based on the principles of shared ownership, democratic management, and ethics of care.
  • The project utilizes a participatory planning process and resident engagement for visioning and shaping the future of Parkdale that the community wants to create together.
  • The project was born out of a research project commissioned by local organization PARC (a non-profit that works with the community on issues of poverty and mental health) that sought to investigate the impacts of gentrification on food security in the community. The report recommended policy options and community-based strategies, and has been serving as a “road map” for community planning efforts in Parkdale.

 

 


 

[1] NVS Table XIII-1-a.

[2] City of Toronto, Economic Development Committee. (2014) Economic Dashboard. Last accessed June 26, 2014 from http://www.toronto.ca/legdocs/mmis/2014/ed/bgrd/backgroundfile-69083.pdf.

[3] Government of Canada, Statistics Canada, CANSIM Table 379-0031 and Table 379 – 0030, Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS), last accessed September 22,2015 from:   http://www5.statcan.gc.ca/cansim/a26?lang=eng&retrLang=eng&id=3790031&&pattern=&stByVal=1&p1=1&p2=31&tabMode=dataTable&csid=

[4] City of Toronto. (2015). Economic Indicators, July 2015. Last accessed September 5, 2015 from:  http://www1.toronto.ca/static_files/economic_development_and_culture/docs/Economic%20indicators/economic_indicators.pdf.

[5] http://www.toronto.ca/legdocs/mmis/2015/ed/bgrd/backgroundfile-80025.pdf.

[6] NVS Table XIII-4-a-i.

[7] NVS Table XIII-4-b-i.

[8] Toronto Region Board of Trade. (2014). Closing the Prosperity Gap: Solutions for a More Liveable City Region. Last accessed July 4, 2015 from: http://www.unitedwaytoronto.com/document.doc?id=253.

[9] Toronto Region Board of Trade. (2014). Closing the Prosperity Gap: Solutions for a More Liveable City Region. Last accessed July 4, 2015 from: http://www.unitedwaytoronto.com/document.doc?id=253.

[10] Toronto Region Board of Trade. (2014). Closing the Prosperity Gap: Solutions for a More Liveable City Region. Last accessed July 4, 2015 from: http://www.unitedwaytoronto.com/document.doc?id=253.

[11] Toronto Region Board of Trade. (2014). Closing the Prosperity Gap: Solutions for a More Liveable City Region. Last accessed July 4, 2015 from: http://www.unitedwaytoronto.com/document.doc?id=253.

[12] Toronto Region Board of Trade. (2014). Closing the Prosperity Gap: Solutions for a More Liveable City Region. Last accessed July 4, 2015 from: http://www.unitedwaytoronto.com/document.doc?id=253.

[13] Toronto Board of Trade. (2010). From World-Class to World Leader: An Action Plan for the Toronto Region.

[14] Toronto Region Board of Trade. (2014). Closing the Prosperity Gap: Solutions for a More Liveable City Region. Last accessed July 4, 2015 from: http://www.unitedwaytoronto.com/document.doc?id=253.

[15] Federation of Canadian Municipalities. (2012). The State of Canada’s Cities and Communities 2012. Last accessed on August 20, 2015, from http://www.fcm.ca/Documents/reports/The_State_of_Canadas_Cities_and_Communities_2012_EN.pdf.

[16] Institute on Municipal Finance and Governance, Munk School of Global Affairs. (2013). International Comparison of Global City Financing: A Report to the London Finance Commission. Last accessed on August 20, 2015, from http://www.london.gov.uk/sites/default/files/LFC%20International%20comparisons.pdf.

[17] City of Toronto. (2015). Toronto 2015 Budget: Budget at a Glance. Last accessed September 6, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Budget%20Basics/A1500371_BudgetAtAGlance_Final.pdf; City of Toronto. (2014). City Budget Presentation to Council: Tax Supported Operating and Capital Budget. Last accessed September 22, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2014/PDFs/Presentations/2014%20Council%20Operating%20and%20Captial%20Budget%20Presentation%20-%20Final%20-%20Clean.pdf.

[18] City of Toronto. (2015). City Council approves 2015 Operating Budget and 2015-2024 Capital Budget and Plan [news release]. Last accessed September 22, 2015 from: http://www1.toronto.ca/wps/portal/contentonly?vgnextoid=af71df79b2df6410VgnVCM10000071d60f89RCRD&nrkey=65EC5A3BA8F18CF185257E06000165C2.

[19] http://www.thestar.com/news/city_hall/2015/03/11/toronto-council-raises-garbage-and-water-rates.html.

[20] City of Toronto. (2015). City Council approves 2015 Operating Budget and 2015-2024 Capital Budget and Plan [news release]. Last accessed September 22, 2015 from: http://www1.toronto.ca/wps/portal/contentonly?vgnextoid=af71df79b2df6410VgnVCM10000071d60f89RCRD&nrkey=65EC5A3BA8F18CF185257E06000165C2.

[21] City of Toronto. (2015). Toronto 2015 Budget: Budget at a Glance. Last accessed September 6, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Budget%20Basics/A1500371_BudgetAtAGlance_Final.pdf.

[22] City of Toronto. (2015). Toronto 2015 Budget: Budget at a Glance. Last accessed September 6, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Budget%20Basics/A1500371_BudgetAtAGlance_Final.pdf.

[23] James Armstrong, Global News. (2015). Toronto needs cash. Why is the city so scared of new revenue? Last accessed September 20, 2015 from: http://globalnews.ca/news/1835027/toronto-needs-cash-why-is-the-city-so-scared-of-new-revenue/.

[24] Enid Slack and André Côté. (2014). Is Toronto Fiscally Healthy? A Check-Up on the City’s Finances. Institute on Municipal Finance and Governance, IMFG Perspectives No. 7/2014. Last accessed June 19, 2015, from http://munkschool.utoronto.ca/imfg/uploads/288/1581fiscallyhealthyr5final.pdf.

[25] Chris Bateman, BlogTO. (2015) Who’s really funding new transit in Toronto? http://www.blogto.com/city/2014/04/whos_really_funding_new_transit_in_toronto/.

[26] James Armstrong, Global News. (2015). Toronto needs cash. Why is the city so scared of new revenue? Last accessed September 20, 2015 from: http://globalnews.ca/news/1835027/toronto-needs-cash-why-is-the-city-so-scared-of-new-revenue/.

[27] Enid Slack and André Côté. (2014). s Toronto Fiscally Healthy? A Check-Up on the City’s Finances. Institute on Municipal Finance and Governance, IMFG Perspectives No. 7/2014. Last accessed June 19, 2015, from http://munkschool.utoronto.ca/imfg/uploads/288/1581fiscallyhealthyr5final.pdf.

[28] James Armstrong, Global News. (2015). Toronto needs cash. Why is the city so scared of new revenue? Last accessed September 20, 2015 from: http://globalnews.ca/news/1835027/toronto-needs-cash-why-is-the-city-so-scared-of-new-revenue/.

[29] City of Toronto. (2015). Toronto 2015 Budget: Budget at a Glance. Last accessed September 6, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Budget%20Basics/A1500371_BudgetAtAGlance_Final.pdf.

[30] Ann Hui and Oliver Sachgau, The Globe and Mail. (2015). Toronto city staff recommend more gambling options at Woodbine Racetrack. Last accessed May 1, 2015 from: http://www.theglobeandmail.com/news/toronto/toronto-explores-woodbine-racetrack-gambling-expansion/article25073051/.

[31] http://www.thestar.com/news/gta/2015/03/25/debate-over-woodbine-racetrack-casino-resumes-at-city-hall.html.

[32] City of Toronto. (2015). Getting Toronto Moving: City Budget Presentation to Council – Tax and Rate Supported Operating and Capital Budget. Last accessed May 21, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Presentations/2015%20Presentation%20to%20Council.pdf.

[33] City of Toronto. (2015). Toronto 2015 Budget: Budget at a Glance. Last accessed September 6, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Budget%20Basics/A1500371_BudgetAtAGlance_Final.pdf.

[34] City of Toronto. (2015). Getting Toronto Moving: City Budget Presentation to Council – Tax and Rate Supported Operating and Capital Budget. Last accessed May 21, 2015 from: http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2015/PDFs/Presentations/2015%20Presentation%20to%20Council.pdf.

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