Toronto’s right-wing councillors will soon have one fewer reason to be jealous of Mississauga (although ’sauga does have the Big Smoke beat in the charismatic mayor category): the city will soon begin borrowing money to help fix crumbling infrastructure, a move that ends Mayor Hazel McCallion’s debt-free streak. Not to mention that the Toronto Star reports the city is considering a nearly 11 per cent property tax increase (a number the City of Mississauga disputes, stating that the figure was never actually under consideration), along with approving a transit fare hike and “substantial transit service cuts.” This all sounds pretty familiar. And it (somehow) gets worse: the planned $450 million in loans still leaves Mississauga with a more than $1 billion funding gap for infrastructure renewal over the next two decades. The Star quotes Mississauga’s director of finance, Patti Elliott-Spencer, as saying, “Every city that matures finds itself in this situation.” That may be true. So to Mississauga, we offer a friendly welcome to the big leagues. UPDATE: Read the entire story [Toronto Star] »
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Mississauga is poised to take on debt for the first time in three decades, thereby becoming a real city
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Wow, the burbs are way smarter than T.O.! They realize that when interest rates are at all-time lows that spending on infrastructure and public programs is actually an investment that will yield dividends that greatly outpace the interest payments. Investment attracts businesses, developers, and immigration, all of whom will contribute to a much larger tax base for the city into perpetuity. Too bad Ford didn’t get the business savvy handed to him by his daddy, just the business.
December 2, 2011 at 5:46 pm | by MississavvyAll that money will go directly into one of McCallion’s kids’ pockets.
December 3, 2011 at 8:09 am | by iconiceMississauga is not by its lonesome. There is also Peel Region. It is made up of Mississauga, Brampton, and Caledon.
Toronto was amalgamated by combining Toronto, North York, East York, York, Scarborough, and Etobicoke. There is no more Metropolitan Toronto which would have added its it level of property taxes.
When Toronto raises it taxes, compare those taxes with Mississauga AND Peel Region, not just Mississauga.
December 4, 2011 at 10:22 am | by W. K. Lis