Item - 2022.EC31.19

The Economic and Community Development Committee recommends that:

1. City Council direct the General Manager, Economic Development and Culture, to continue the Economic Development and Culture division's ongoing activities and develop new ones in alignment with the strategic directions presented in this report until the end of 2023.

2. City Council request the General Manager, Economic Development and Culture, the Executive Director, Social Development, Finance and Administration and the Chief Planner and Executive Director, City Planning to continue to collaborate and bring forward a report in 2023 on a coordinated approach to advance inclusive economic development with the objective that economic opportunities and outcomes improve across Toronto's population - including its Indigenous, Black and equity-deserving communities - in parallel to overall growth of the city and regional economy.

3. City Council direct the General Manager, Economic Development and Culture to use the time period until the end of 2023 to conduct research and stakeholder consultation to identify longer-term strategic directions and develop the Economic Development and Culture 2024-2028 Divisional Strategy.

This report lays out directions to guide the work of the Economic Development and Culture division until the end of 2023 while a longer term strategy is developed. Strategic directions for 2022-23 are necessary as Economic Development and Culture's 2018-2022 Divisional Strategy comes to the end of its term, and as the City shifts from a focus on pandemic recovery to re-establish longer term economic and cultural development objectives and work plans. Some of the strategic directions reflect a continuation of Economic Development and Culture's longstanding objectives and programs and of recovery initiatives that remain necessary, while others represent evolving approaches based on Council direction and emerging global trends.

The five strategic directions for 2022-2023 presented in this report are as follows:

1.  Recover and Renew - Advancing Economic and Cultural Recovery and Renewal

2.  Increase Toronto's Global Competitiveness - Attracting and Supporting Businesses, Entrepreneurship and Sector Development

3.  Combat Economic Inequity - Developing and Implementing a Coordinated Approach to Inclusive Economic Development

4.  Grow and Promote Toronto's Cultural Vibrancy - Enhancing Supports for Arts and Culture

5.  Be Ready for the Future - Embracing Inclusive Data-Driven Decision Making and Planning a 2024-2028 Economic Development and Culture Divisional Strategy

The strategic directions define Economic Development and Culture's role and capacity to advance City-wide strategies like the Reconciliation Action Plan, the Confronting Anti-Black Racism Action Plan and the Poverty Reduction Strategy. They are informed by the recommendations of the Toronto Office of Recovery and Rebuild and the Building Back Stronger report, and are further informed by research provided by the consulting firm PwC. Importantly, while the strategic directions will guide the division, responsibility for economic and cultural development in Toronto extends significantly beyond the resources of the division and of the City of Toronto. Ongoing collaboration with other City divisions, other orders of government and with community-based organizations will remain vital for impactful economic and cultural outcomes.