The City of Toronto has launched the 2024 Budget process, and the first draft includes a 10.5 percent property tax increase.

The City says the budget aims to set Toronto up to achieve financial stability and sustainability through a new multi-year approach.

Staff presented an operating budget of $17 billion, and the 2024-2033 capital budget and plan of $49.8 billion for consideration, review and recommendation.

In a release, the city says the operating budget includes a property tax increase of nine per cent for residential properties, which allows for better alignment with other Greater Toronto and Hamilton Area municipalities. That amounts to an increase of $321 annually for the household.

There is also a 1.5 per cent increase for the City Building Fund levy, dedicated to critical capital investments in transit and housing.

Through consultations with the public, the city says it heard support on issues ranging from affordable housing and shelter services , transit services, and, overall, making Toronto safer.

The budget proposes an additional $152 million in new and enhanced initiatives for those concerns, including $82-million more for shelter and housing, to enhance the city’s Winter Warming Response Plan, along with 450 new dedicated shelter beds for refugee claimants.