The Toronto government debt is the amount of money the Toronto Municipal Government borrows to finance capital expenditure. Under the Toronto City Act, the Toronto government can not run the deficit for its annual operating budget. In addition, the City Council has set a limit on the cost of debt does not exceed 15% of property tax revenue. By the end of 2012, total debt was recorded at CDN $ 3.7 billion.
Video Toronto government debt
Debt breakdown
Toronto government debt consists of bonds or municipal bonds issued through the market at prices suggested by "syndicates". They are bought by institutional investors and private investors. Most of the debt is domestic and held in Canadian currency.
Maps Toronto government debt
Causes of debt
Toronto is a fast growing city with a sizeable amount of old infrastructure. According to the Canadian federation, Toronto needs to increase its capital spending to cope with congestion, aging water and sanitation systems, improving the backlog and other infrastructure shortages. CA $ 4.10 billion of CA $ 14.84 billion Toronto Capital Budget 2012-2021 is financed by debt. The majority of investment will be in transportation.
See also
- Toronto city government budget
- Ontario government debt
References
External links
- Tax-Support 2012-2021 Capital Budget & amp; Plan - Toronto City
Source of the article : Wikipedia
0 Comments