Today, MPP Mike Colle announced the City of Toronto will be receiving $238,182,872 this fall to move ahead with its next infrastructure projects and priorities.
"The City of Toronto will now have the ability to choose its next infrastructure project, and to move that project forward," said MPP Mike Colle. "Hopefully this money will be used to fast track much needed repairs to public housing and to start building the new Eglinton Light Rail Transit Line as soon as possible."
Today's announcement is in addition to the $1.3 billion provided earlier this year by the Ontario Government to the City of Toronto. This total includes: $489.7 million in operating funding; $26.9 million capital for buses; a one-time assistance of $684.5 million (including $100 million for public housing) and an additional $127 million in funds for Transit.
With today's announcement, the Ontario government has now invested a total of just over $1.5 billion to the City of Toronto.
The increase in infrastructure funding comes as a result of the government passing the Investing in Ontario Act, 2008. Because of that Act, the government's surplus above $600 million for the 2007-2008 fiscal year was able to flow to municipalities to fund infrastructure projects.
Today's announcement was triggered by the release of the 2007-08 Public Accounts, which show a $1.7 billion surplus for the past fiscal year.
"By investing in infrastructure in every Ontario community, we're creating jobs for families and making our communities stronger," said Premier Dalton McGuinty.
"The Investing in Ontario Act is a balanced approach that will stimulate our economy by investing in municipal infrastructure while being prudent by paying down a portion of the accumulated deficit," said Dwight Duncan, Ontario Minister of Finance.
See how the Investing in Ontario Act will be helping your community.
Read background information on the Investing in Ontario Act.
Learn more about the Provincial-Municipal Fiscal and Service Delivery Review, the government's commitment to working towards a sustainable, provincial-municipal relationship.
See how Ontario is helping to build infrastructure across the province.
Learn more about what's happening in Ontario's municipalities.
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