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Aversion to taxes presents a major policy dilemma for elected governments: voters want governments to deliver goods and services but are deeply suspicious of their efforts to raise taxes.
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The “golden rule” of public finance states that over an economic cycle, governments should borrow only to invest and not to fund current spending, and that the current budget must always balance or be brought into surplus. In Ontario, all municipalities are subject to legal borrowing limits, with special exceptions for Toronto and York Region.
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Toronto is an exceptional city at least partially because of public policies and past investments. As Toronto City Manager Peter Wallace discussed in his 2016 remarks to IMFG, Toronto faces challenges in meeting the demands of a global, international city.
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Otis Rolley moderated and presented at the IMFG event "What Makes a Resilient City?", co-sponsored 100 Resilient Cities, Pioneered by the Rockefeller Foundation, on Sept 14th, 2017.
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Daniel Zarrilli, Chief Resilience Officer, New York City, presented at the IMFG event "What Makes a Resilient City?", co-sponsored 100 Resilient Cities, Pioneered by the Rockefeller Foundation, on Sept 14th, 2017.
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Louise Bradette, Chief Resilience Officer, City of Montreal, presented at the IMFG event "What Makes a Resilient City?", co-sponsored 100 Resilient Cities, Pioneered by the Rockefeller Foundation, on Sept 14th, 2017.
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Elliott Cappell, Chief Resilience Officer, City of Toronto, presented at the IMFG event "What Makes a Resilient City?", co-sponsored 100 Resilient Cities, Pioneered by the Rockefeller Foundation, on Sept 14th, 2017.
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As the size and scope of responsibilities for cities expands, do local governments have the appropriate financial and governance arrangements to effectively and efficiently deliver services to residents?
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