Tory says Toronto working hard to help city's economy bounce back

Torontosun.com
Jan. 31, 2022
Kevin Connor

The city is working to ensure Toronto’s economy is robust after the pandemic, Mayor John Tory says.

“I am determined to make sure the city and the economy comes back stronger than ever. It will be an increasing focus of mine. As we make progress on the health side I will be engaging with other governments, business, labour and non-profits in a major effort to get out city back on a strong economic footing which is exactly where we were before the pandemic,” Tory said Friday at the city’s COVID-19 press conference.

“That strong comeback will rely on Toronto having continued COVID-19 support from the federal and provincial governments. We have worked with the governments throughout the pandemic to make sure Toronto and all municipalities have the financial support to protect front-line services may which were ramped up to respond to COVID-19 and make sure that the transit system and others hit hard by the pandemic could kept running despite despite a dramatically reduced ridership.”

In 2020 and 2021, the federal and provincial governments provided Toronto $2.8 billion to help the city move forward and support capital projects and the jobs they support.

During the pandemic years the city found $1.1 billion in savings.

This year’s 2022 budget has a $1.1 billion shortfall because of COVID-19 mainly because of lost revenue at the TTC.

Tory says the federal government renewed its COVID-19 support for municipalities during the last election and the province addressed the issue in their fall economic statement.

“This assistance is critical to protect essential front line services and capital projects that create jobs to help the recovery. That is made crystal clear in a briefing note being considered by the (city’s) budget committee today. All of this starts with the understanding that cities can raise or borrow money in the same manor as other government,” Tory said.

“We are not allowed to run a deficit, and I’m fine with that, but when we need help when a pandemic devastates our transit ridership and the revenue disappears with that ridership. That is the principal reason we are in this position and we are looking for continued partnerships.”

Without support the city has $300 million in capital projects planned in 2022 that would be at risk.

“Many of these have been postponed for years, which we need to have a healthy and growing city and it would have a definite impact on jobs. Thousands of jobs would be impacted by any decision to cancel or postpone these projects,” Tory said.