The City of Toronto will spend less in 2012 than it did in 2011.
That's a tremendous accomplishment and signals a level of fiscal responsibility many in the business community would appreciate.
Certainly, when the recent city budget debate raged, the Toronto Board of Trade endorsed the principle and many components of the budget.
The relationship between Mayor Rob Ford and the Board of Trade has always been a little questionable, yet, they often hold fast to the same basic principles.
So, in honour of this newest proof of aligned of vision, it's a great time to revisit the board's plea to candidates in the last civic election.
In a strong pre-election position paper, the board of trade advocated that the framework for a better business community evolved around four central themes: Fixing the city's finances, growing the city and regional economy, promoting social cohesion and economic inclusion and improving civic democracy.
The recent endorsement of Ford's budget suggests the board of trade feels the city's on the right track toward fixing finances.
It's a basic business principle. Stop the bleeding. Don't spend more than you make. The city did this in passing this year's $9.4 billion budget.
So where to next?
The board points out that the Organization for Economic Cooperation and Development (OECD) suggests transportation infrastructure is the greatest detriment to growth on the global economy.
And while the board has lauded the Metrolinx plan that Ford has pooh-poohed, there's no doubt any sufficient transit plan to rescue this city from gridlock and a poor reputation as a transportation hub, will cost oodles of money.
Metrolinx called it a $50 billion proposition with its plan for the Greater Toronto area, known as The Big Move. So where does that money come from? The Metrolinx plan needs $2 billion per year over 25 years.
Here are a few of the 16 funding possibilities explored in the board's pre-election report The Move Ahead: Funding "The Big Move".
Parking surcharge - The report explores a number of variations on a commercial parking surcharge. Practices range from a percentage surcharge of more than 35 per cent to a straight $1 extra charge.
The board suggests this could be worth as much as $1 billion annually in funding.
Targeted savings instruments - The report estimates $500,000 in funding from low-interest saving bonds tied to specific project development. Reinvesting bond proceeds might even increase the amount of contribution by such a program.
Public-Private Partnerships (P3) - The funding of transportation projects by the private sector has already been suggested by Mayor Ford - but met so far with little success.
Congestion pricing - The report suggests it is employed in London, Oslo, Stockholm and elsewhere, it's a tithe on vehicles that enter the most congested corridors of a region. London has seen a decrease of 21 per cent in the congestion zone. Oslo has raised significant infrastructure monies for transportation projects.
These are just samples from a diverse list of possibilities.
The key, however, is for the city to start to focus openly and publicly on the economic goals for the region. Let's get the economy and business on the front burner. A strong economy is an indisputable necessity for the health and welfare of local residents, the province and yes, the country.
Let's face it. Creating a clear and agreed upon vision for transportation not only serves every business, but every resident in this city.
It was a worthwhile exercise this week to dust off the pre-election position papers of the Toronto Board of Trade. It made for good reading. Perhaps it's time the city's political readership gave it a re-read too.
Peter Haggert is editor in chief of Toronto Community News.