posted on November 05, 2008

CITY HALL: New projects, more debt proposed in city capital budget

By: DAVID NICKLE
Published: October 30, 2008
Source: Inside Toronto

Public transit, bike lanes, roads and community centres will all get a boost in 2009 - and so will the city's debt - in Toronto's capital budget introduced by city officials Thursday afternoon.

Toronto's capital budget this year will total $1.626 billion of the city's $8-billion-plus total annual budget.

The capital budget covers new buildings, roads and equipment - so-called hard infrastructure.

While the city can't borrow to cover its operating costs, it can to cover capital and this year it will be increasing its debt load by $367 million.

But Mayor David Miller and budget chief Shelley Carroll said the debt load was reasonable - well under city targets, such that by 2013, staff are projecting the city won't take on any new debt.

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