Mayoral candidate Bradford unveils plan to ‘modernize’ Toronto’s budget

Mayoral candidate Bradford has revealed a plan to modernize Toronto’s budget, aiming to update the city’s financial approach from the 1990s. According to the candidate, he intends to separate the operating and capital budgets to tackle the structural budget issue and the $1.6 million deficit expected to occur in 2027. Bradford explained his proposal to end the cross-subsidy, which currently transfers hundreds of millions of dollars annually from the operating budget to pre-pay the capital budget.

He emphasized that a genuine separation requires a different approach, with the operating budget managing the city’s day-to-day operations and the capital budget funding long-term infrastructure projects. Bradford added that while the operating budget must remain balanced each year, the capital budget is financed over the life cycle of an asset, similar to how individuals pay for their homes.

This announcement follows Bradford's prior commitments of a one-year property tax freeze and limiting future tax hikes to inflation levels while conducting a detailed review of City Hall spending without impacting essential services. Additionally, he unveiled a plan to create a municipally-owned utility, Toronto Water, which would lower water bills by $300 a year and generate savings to invest in future infrastructure.

Incumbent mayor Olivia Chow criticized Bradford's debt strategy, comparing it to using credit cards to fund promises. Chow warned that Bradford is asking taxpayers to pay interest to large lenders and keep secret which city services will be cut and the ultimate cost when debts become due. Voters will choose a new mayor and city council on October 26.