Item - 2022.EX34.22

The Executive Committee recommends that:

1. City Council authorize the levy and collection of amounts for the 2022 taxation year on colleges and universities, public hospitals, and correctional facilities as authorized by Section 285 of the City of Toronto Act, 2006 and City Council direct that the maximum prescribed amount of $75 be applied per provincially rated hospital bed, full time student, or resident place as prescribed by Ontario Regulation 121/07.

2. City Council forward the Item to the Premier of Ontario and the Ontario Minister of Finance and request the Province to increase the $75.00 levy annually by the rate of inflation.

This report requests Council authority to adopt a by-law to levy amounts for the 2022 taxation year for colleges and universities, public hospitals, and correctional facilities (the "institutions"), totalling $19.1 million (annual "Heads and Beds" levy).

If the rates had been increased to reflect increases in the Consumer Price Index in each year from 1987 to 2022 (such that the 2022 rate would be $160.23 for each full time student, provincially rated bed, or resident place), an additional $21.7 million in tax revenue would be received in 2022.