Mayor John Tory wants staff to take a closer look at a potential tax on commercial parking spaces as part of a wider assessment of new revenue tools that could help the city address its mounting fiscal challenges.
that will be considered by city council next week, Tory asks staff to complete “an updated assessment of revenue generating options” available to Toronto under existing provincial legislation.
The request comes as the city stares down a nearly $1 billion shortfall in its 2023 budget, largely due to the COVID-19 pandemic. Staff, however, said at the time that the tax “disproportionately affects large malls” and would only bring in about $44 million annually if applied exclusively to paid parking lots.But he said that discussion with other levels of government should “informed by up-to-date information on the revenue tools that we have available” already.
“I am going to mount a crusade to get a new deal from these governments. Others before me have tried. But I am determined that we are at a point now where the stakes are high enough in terms of the social and physical asset deterioration we are seeing that it is in their interest to agree to a revised framework,” Tory told reporters during an unrelated press conference on Thursday morning.
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