The TTC says it plans to spend almost $5 billion on capacity improvements such as new subway trains and buses to address current and future growth.
A report to be considered by the TTC Board next Monday outlines how the transit agency plans to spend the bulk of the new money over the next decade, most of which will be collected through the City’s Building Fund as part of an overall property tax increase.
An additional $167 million is expected to be collected by a one-time increase in the Federal Gas Tax.
The report says $3.09 billion will be allocated to subway state of good repair which includes new tracks and switches and the installation of the automatic train control signalling system on Line 2, Bloor-Yonge.
Another $1.14 billion will be allocated to the purchase of 80 new subway trains, 60 new streetcars, 1,575 buses and 525 Wheel-trans vehicles.
Mayor John Tory says the report builds on the investments the city has made over the last five years.
“The 2020 budget includes the most significant investment in upgrading our transit system in the city’s history. It helps raise the approximately $5 billion that the City of Toronto needs to invest in new subways, new subway signal systems, new buses, new streetcars, and station upgrades as our share of the almost $30 billion transit expansion agreement with the province.”
TTC Chair Jaye Robinson says the additional capital funding will be used to finance a “once-in-a-generation, transformative subway infrastructure program” necessary to meet the needs of the city’s growing population.
“A majority of the additional capital funds must be committed to the maintenance, repair and improvement projects required to keep our subway running. As we saw this morning on Line 2, issues with our subway infrastructure can lead to significant delays for riders who rely on our system to get where they need to go.”
The plan still needs to be approved by TTC before its goes in front of City Council for its approval as part of the 2020 budget process.