Long-term financial planning for the City of Toronto

Challenge

For years, Toronto has faced mounting fiscal pressures, structural deficits, and expanded service responsibilities that threaten the city’s long-term sustainability. StrategyCorp, in partnership with EY, was engaged to deliver an updated Long-Term Financial Plan (LTFP) to support the city in charting a path towards future financial sustainability.

Strategy

StrategyCorp led a two-phase program to develop a 10-year outlook of the city’s operating and capital pressures and then identify practical recommendations to improve Toronto’s fiscal position. StrategyCorp also supported the City with communications and key messages to build support for the LTFP among City leadership and in the public arena. 

Outcome

Council adopted the Phase 2 report in fall 2023 and endorsed many of the recommendations in the report. The LTFP also served as the policy foundation for the $1.2B Provincial-City “New Deal,” including the upload of regional expressways, strengthening Toronto’s fiscal position.

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