2021 City of Toronto Budget Summary

City will also continue to work with the Government of Canada and the Province Ontario to determine the necessary funding supports to address the unprecedented pressures the City faces. [...] Changes to the Public Sector Accounting Standards (PSAS) resulted in the introduction of new accounting concepts, such as the capitalization and amortization of tangible capital assets, recognition of debt as a liability when it required future payment from the City, and recognition of post-employment benefits and other future liabilities as obligations using the present value of the future cost. [...] The City is both the political capital of the Province of Ontario and the corporate capital of Canada. [...] Toronto has undergone a ‘cultural renaissance' with the unprecedented building and architectural transformation of close to a dozen major arts and cultural institutions, including the Michael Lee-Chin Crystal (an expansion of the Royal Ontario Museum), the Art Gallery of Ontario, the new home of the Toronto International Film Festival, the Four Seasons Centre for the Performing Arts which is the n. [...] The bulk of the new construction and the associated assessment increases are located in the surrounding areas in the GTA.