Toronto City Councilor Olivia Chow is facing uncertainty as budget consultations begin and the size of the property tax increase remains unknown. In an interview with CTV News, Chow expressed her uncertainty, stating “I really don’t know” when asked about the potential increase.
The budget consultations, which kicked off on Monday, are a crucial step in determining the city’s financial plan for the upcoming year. With the ongoing COVID-19 pandemic and its economic impact, the budget discussions are expected to be challenging.
Chow, who is also the chair of the city’s Budget Committee, emphasized the importance of balancing the budget while also addressing the needs of the community. She stated that the city needs to “be mindful of the fact that people are struggling” and that any potential tax increase needs to be carefully considered.
The city’s budget process typically begins in the fall, but due to the pandemic, it has been delayed. This has left less time for consultations and decision-making, adding to the uncertainty surrounding the budget.
Chow also highlighted the need for the federal and provincial governments to provide financial support to the city during these challenging times. She stated that the city cannot rely solely on property taxes to fund its operations and that additional funding from higher levels of government is necessary.
The city’s budget consultations will include input from residents, businesses, and community organizations. The Budget Committee will then review the feedback and make recommendations to City Council, who will ultimately make the final decision on the budget.
As the budget discussions continue, Chow remains hopeful that a balanced and fair budget can be achieved. She stated that the city needs to “be creative and innovative” in finding solutions to address the financial challenges brought on by the pandemic.
The uncertainty surrounding the size of the property tax increase may cause concern for residents, but Chow reassures that the city is committed to finding a solution that considers the needs of the community while also maintaining financial stability.
