Toronto City Council Adopts $26 Billion Infrastructure Funding Plan Unanimously

Toronto – In a landmark decision, Toronto City Council has unanimously approved the city’s 2024 Corporate Asset Management Plan (AMP), revealing a staggering $26 billion infrastructure funding gap over the next decade. The adoption underscores the critical need for continued investment in Toronto’s infrastructure to ensure the city’s sustainability and growth.

The comprehensive report identifies the value of the city’s non-core infrastructure assets at an impressive $73 billion. However, it also highlights the necessity for an average annual investment of $4 billion to maintain these assets in good condition, in contrast to the planned state of good repair (SOGR) funding of only $1.4 billion in the 2024 Budget. This substantial disparity illuminates the pressing need for increased financial commitment to bridge the funding gap and safeguard Toronto’s infrastructure.

Recent actions by the City to address asset renewal needs include the dedication of $26 billion, representing 52 per cent of the 10-Year Capital Budget and Plan, to SOGR requirements. Additionally, an additional $1.6 billion in SOGR funding was allocated during the 2024 Budget process. Notably, the City has eliminated its single largest SOGR liability through the upload of the Gardiner Expressway to the province, resulting in significant savings that will be directed towards critical asset renewal projects.

Mayor Olivia Chow emphasized the urgency of securing Toronto’s financial future, particularly regarding shared priorities such as transit and affordable housing. Councillor Shelley Carroll, Chair of the Budget Committee, echoed this sentiment, stressing the importance of partnership with the Province of Ontario and Government of Canada to protect and provide essential services for Torontonians.

The adoption of the 2024 Corporate AMP represents a significant milestone in Toronto’s ongoing efforts to address its infrastructure challenges. Moving forward, the City will focus on developing a capital prioritization framework to enhance strategic decision-making regarding infrastructure investments. Collaborative efforts and innovative funding models will be essential to bridge the funding gap and ensure the city’s long-term prosperity.

For more information on Toronto’s 2024 Corporate Asset Management Plan, visit the City’s website here.