Item - 2023.MM3.5

City Council on February 7 and 8, 2023, adopted the following:

1.  City Council direct the City Manager, the Deputy City Manager, and the Chief Financial Officer and Treasurer, to report in the third quarter of 2023 with an updated assessment of revenue generating options available under the City of Toronto Act, 2006 which must include but not be limited to:

a. an assessment of potential revenue generated;

b. an assessment of cost of administration;

c. an assessment of other municipalities that have implemented similar revenue generating tools;

d. alignment with City Council policy objectives; and

e. additional considerations such as economic impact, stakeholder impact, and environmental impact.
 

2.  City Council direct the Chief Financial Officer and Treasurer, in consultation with the City Manager and the General Manager, Economic Development and Culture, to include in the above study feasibility of implementing a parking levy including:

a. estimates of the current number of commercial, paid and unpaid parking spaces in the City of Toronto, broken down by ward;

b. estimates on revenue potential of a parking levy applied to commercial, paid and unpaid parking spaces;

c. costs associated with implementing such a levy, including administrative costs;

d. implementation considerations including the feasibility of excluding designated commercial and other parking spaces from the levy, graduated fees based on proximity to transit service, and a downtown levy;

e. a jurisdictional review and summary of other governments that have implemented a similar parking levy, including Vancouver;

f. an analysis of how proceeds may support Toronto Transit Commission capital funding and/or the City's operating budget;

g. a review of how a parking levy may align with other policy objectives established by Council;

h. an analysis of how a commercial parking levy may support or hinder Toronto's Covid-19 economic recovery, impacts on businesses, Toronto’s competitiveness compared to neighbouring municipalities, and impacts on low-income residents.

i. a summary of stakeholders that would be impacted by a commercial parking levy and results of initial market sounding with stakeholders; and

j. an assessment of parking levy impacts on Toronto’s climate goals.

3. City Council request the City Manager and the Chief Financial Officer and Treasurer to include in the report in the third quarter of 2023, the total amount of taxes paid by Toronto residents to all three levels of Government and what percentage of taxes paid by Toronto residents leave the City to pay for programs and services outside of Toronto.

4.  City Council direct the City Manager to ensure the results of this report are part of any intergovernmental discussions to achieve a new fiscal framework for Toronto.
 

5.  City Council request the Toronto Parking Authority Board to direct the appropriate staff at the Toronto Parking Authority to complete a review of rates for on-street and off-street parking.