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City of Toronto Media Relations has issued the following:
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News Release

May 22, 2024

Toronto City Council unanimously adopts report detailing $26 billion infrastructure funding gap, highlighting ongoing need for prioritization and partnerships

Today, the City of Toronto’s 2024 Corporate Asset Management Plan (AMP) was unanimously adopted by Toronto City Council, which identifies the need to continue to invest in the infrastructure that Torontonians rely on.

The report identifies the value of the City’s non-core infrastructure assets at $73 billion and forecasts that an average annual investment of $4 billion is needed to maintain these assets in good condition to provide their current levels of service to Torontonians. This contrasts with the average annual planned state of good repair (SOGR) funding of $1.4 billion in the City’s 2024 Budget, revealing an investment gap of approximately $2.6 billion per year or $26 billion in the next decade.

The findings of the City’s 2024 Corporate Asset Management Plan are consistent with the City’s Long Term Financial Plan (https://secure.toronto.ca/council/agenda-item.do?item=2023.EX7.1) and past budget process where investments in SOGR have been a priority. Recent actions taken by the City to address asset renewal needs include:
• Dedicated $26 billion (52 per cent) of the 10-Year Capital Budget and Plan to SOGR needs, nearly doubling SOGR investments over the past 10 years.
• Added $1.6 billion in additional SOGR funding to the 10-Year Capital Budget and Plan during the 2024 Budget process.
• Eliminated the City’s single largest SOGR liability with the Ontario-Toronto New Deal’s upload of the Gardiner Expressway to the province that saves nearly $2 billion which will be allocated to critical asset renewal guided by a capital prioritization framework and asset management plan.
• Developing a capital prioritization framework that will be integrated with the City’s 2025 Corporate Asset Management Plan to enhance the City’s existing prioritization processes and strategic decisions on when and where to prioritize capital infrastructure investments.

The City’s 2024 Corporate AMP builds upon previous divisional asset management plans and includes all municipal infrastructure assets under the direct ownership of the City, excluding core infrastructure assets such as water, wastewater, stormwater, roads, bridges and culverts, which were reported in the City’s 2021 Core Infrastructure AMP (https://secure.toronto.ca/council/agenda-item.do?item=2021.EX27.3).

To comply with provincial regulations, the City’s 2024 Corporate AMP reports on the costs required to maintain current levels of service. The forthcoming AMP will report on the costs to provide proposed levels of service to manage future growth including recommended funding strategies aligned with the final provincial regulation milestone on July 1, 2025.

This marks the City's first Corporate AMP developed to comply with Ontario Regulation 588/17 (www.ontario.ca/laws/regulation/170588) and the City’s Corporate Asset Management Policy approved by City Council in 2019 (https://www.toronto.ca/city-government/accountability-operations-customer-service/long-term-vision-plans-and-strategies/city-asset-management/).

More information on the City’s 2024 Corporate AMP is available on the City’s website: https://secure.toronto.ca/council/agenda-item.do?item=2024.EX14.6.

Quotes:

“While the Ontario-Toronto New Deal is a significant first step toward the City’s stable and sustainable financial future and recent Government of Canada funding for refugee claimant support are welcome, I remain committed to ongoing discussions with our partners to secure Toronto’s financial future, especially on shared priorities such as transit and affordable housing. A new funding model that recognizes the City’s complexity, diversity and significant contribution to the success of the region, province and country is needed. The most significant gap identified in this report is transit infrastructure. Both the City and the province have committed $750 million each to fund the purchase of new subway cars for Line 2, yet we are still waiting for a funding commitment from the Government of Canada – every day that this purchase is delayed by this lack of commitment risks both the economic and climate benefits of safe, reliable public transit infrastructure.
- Mayor Olivia Chow

"As Canada's largest city and the economic driver of the country, Toronto faces unique financial pressures. We need tools that grow with our economy to secure a vibrant and affordable future for the people of Toronto. Without these tools and the support of all levels of government, our city infrastructure is at risk. I look forward to continued partnership with the Province of Ontario and Government of Canada to protect and provide the services Torontonians rely on.”
- Councillor Shelley Carroll (Don Valley West), Chair, Budget Committee

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture, innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit www.toronto.ca or follow us on Twitter at www.twitter.com/CityofToronto, on Instagram at www.instagram.com/cityofto or on Facebook at www.facebook.com/cityofto.

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Media contact: Media Relations, media@toronto.ca

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