Report card · Fall 2026
City of Toronto
Calendar year 2025. The short version first, then every figure behind it, from the audited financial statements.
The short version
In 2025, City of Toronto spent $18.0 billion. That was 0.8% less than the budget figure in its audited statements.
Its independent auditor (KPMG LLP) signed off on the accounts without reservation.
The auditor signed off 210 days after the year ended.
Where every dollar went
Of every dollar City of Toronto spent in 2025, as the government groups its spending.
- 27¢ Transportation
- 22¢ Social and family services
- 14¢ Protection to persons and property
- 9¢ General government
- 8¢ Social housing
- 20¢ Everything else
What went off plan
The areas furthest from their budget, in dollars. Going over isn't automatically bad (an emergency or a program added during the year can be the reason), and coming in under can mean delayed work.
Over budget
- Recreation and cultural services +$449 million (46.0%)
- General government +$220 million (16.9%)
- Transportation +$170 million (3.6%)
Under budget
- Social and family services −$656 million (−14.0%)
- Environmental services −$330 million (−19.3%)
Context from the documents
- Council approves the budget on a different accounting basis; the budget figures in the audited statements convert it to full accrual accounting. We show spending against that figure but do not rate it.
- The release date used is the date of the auditor's report.
Questions worth asking
Based only on the figures above. Put them to your councillor or candidates, or to the finance department.
- Recreation and cultural services cost $449 million more than budgeted (46.0% over). What was the reason?
- The audited results took 210 days to come out. What would it take to publish them sooner?
- Interest on debt took about 2.5 cents of every dollar of revenue. What is the plan for the debt over the next few years?
Every figure behind this page, exactly as published, with the page it came from.
We extracted these figures from a PDF: City of Toronto Consolidated Financial Statements, December 31, 2025. They are shown exactly as published, in millions of dollars, with the page each one came from. Check them against the official document .
The year in figures
Actual results against the budget printed in the same audited statements. Amounts in millions of dollars. Debt and accumulated balances are shown as positive amounts; the label says which they are.
| Item | Actual | Budget | Difference | Where we found it |
|---|---|---|---|---|
| Total revenue | 19,719 | 19,291 | +428 +2.2% | Actual: Page 8 Budget: Page 8 |
| Total expenses | 18,028 | 18,179 | −151 −0.8% | Actual: Page 8 Budget: Page 8 |
| Annual surplus (deficit) | +1,691 | +1,112 | +579 | Actual: Page 8 Budget: Page 8 |
| Net debt | 11,556 | 15,054 | −3,498 −23.2% | Actual: Page 7 Budget: Page 10 |
| Accumulated surplus | 36,437 | — | — | Actual: Page 7 |
| Interest on long-term debt | 483 | — | — | Actual: Page 45 |
Spending by area
Expenses by sector or function, as the government groups them, in millions of dollars. The thin line marks the budget.
Audit and release
- Auditor
- KPMG LLP
- Opinion
- Unmodified (clean)
- Audited results released
- July 29, 2026
- Days after year end
- 210
Source documents
We link to the official documents rather than republishing them. We kept a copy of each, as downloaded, so these figures can be re-checked even if a link changes.
Right of reply
No response from City of Toronto has been published yet.
City of Toronto can respond to this section. We confirm every response by phone before publishing it, then publish it here in full, unedited. If you find an error, tell us through the contact form on our About page. Corrections are noted on the page; figures are never changed silently.
Respond on behalf of City of Toronto
Figures collected and checked November 6, 2026.
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