Nov.26, 2024 Pat Tobin Powerpoint to ECDC

https://www.toronto.ca/legdocs/mmis/2024/ec/bgrd/backgroundfile-251014.pdf

Context - Decision History

EX9.5 (October 2015) – City Council voted to: Adopt the vision, objectives, recommendations and actions included in TO Prosperity: Toronto Poverty Reduction Strategy (PRS). Among the actions in the 2015-18 PRS Term Action Plan was a commitment to "develop models to enhance economic development in low-income areas." Similar actions have been included in subsequent PRS Term Action Plans. 2 Committee Direction • In July 2024, the ECD Committee referred a previous IED report to staff with the request that they report to the November 26, 2024 meeting with a revised framework that builds on input from community partners. • In September, staff worked with the chair of ECDC to organize and host a full-day consultation event. • The event welcomed over 20 institutional and community stakeholders leading initiatives related to IED and CED including foundations, post-secondary institutions and neighbourhood-specific grassroots groups. • Participants discussed a shared definition of IED along with key principles. 3 Definitions – IED and CED Inclusive Economic Development (IED) seeks to meet the social and economic rights of Toronto residents, using City levers to support, alongside community partners, accessible pathways to employment and decent work, skills training and entrepreneurship for residents and communities that have not benefitted from economic growth in the past. IED focuses on ensuring democratic processes for inclusive outcomes: it is shaped by and accountable to communities and neighbourhoods. Community Economic Development (CED) is the place-based application of inclusive economic development. 4 Key IED Principles Inclusive Economic Development: 1. Centres the social and economic rights of residents. 2. Values the meaningful participation of the people impacted in decision-making. 3. Works in close partnership with the private sector, labour-based organizations and the non-profit sector. 4. Enables training, job pathways and working conditions that provide economic security and decent work across a broad range of sectors. 5. Creates the conditions for communities and workers to build wealth and for wealth to remain and circulate in the local economy. 5 Next Steps • As an immediate next step, interdivisional staff will collaborate to form the IED Working Table and leverage its expertise to co-develop with community an IED Framework. • The IED Framework will be brought back for consideration of the Economic and Community Development Committee by early 2026 and will reflect alignment across City of Toronto equity- advancing strategies and action plans, and key IED principles as adopted by Council. 6 Next Steps • The IED Framework will: A. Clarify IED roles and responsibilities: o Outline City of Toronto IED levers and policy/program areas identifying divisional leads. B. Determine a governance and accountability model: o Recommend a governance model to coordinate and advance IED initiatives. o Present a monitoring approach that includes a set of indicators (to be identified and tracked as part of implementation of the Action Plan for Toronto's Econom