Brad Bradford, a candidate for mayor, is proposing a bold plan to bring Toronto’s budget into the modern era if he secures the position in the upcoming election.
Bradford aims to revolutionize the city’s financial management by untangling the operating and capital budgets, a move he believes is necessary to address Toronto’s deep-rooted budget challenges. With a projected $1.6 million deficit looming in 2027, Bradford argues for a significant overhaul to ensure financial stability.
The core of Bradford’s proposal involves ending the practice of cross-subsidization, which currently diverts significant funds from the operating budget to pre-fund capital projects. He emphasizes the importance of a genuine separation between the two budgets, highlighting their distinct purposes: the operating budget sustains day-to-day city operations, while the capital budget finances long-term infrastructure investments. Bradford stresses the need for a balanced operating budget annually, in compliance with legal requirements, while allowing the capital budget to spread costs over an asset’s lifecycle, akin to how a family pays for a home.
This announcement builds on Bradford’s previous commitments, including a promise of a one-year property tax freeze and a pledge to constrain future tax increases below inflation rates. He also introduced a plan to establish a city-owned utility, Toronto Water, with the dual purpose of reducing water bills by $300 per year and generating savings to support future infrastructure endeavors.
Incumbent mayor Olivia Chow criticized Bradford’s financial strategy, labeling it as “reckless” and drawing parallels to irresponsible borrowing practices. Chow expressed concerns about the potential impact on taxpayers, warning of undisclosed service cuts and the mounting debt burden.
The Toronto mayoral election, scheduled for October 26, will give residents the opportunity to choose their new mayor and city council members.
