Mayor John Tory released the proposed 2015 operating and capital budgets for the city on Tuesday morning. Here is a list of the five things you need to know:

It is Tory’s first budget and City Manager Joe Pennachetti’s last

Pennachetti was scheduled to retire at the end of November, but agreed to stay on until April in order to see his final budget through to completion. In many ways this budget actually belongs more to Pennachetti than Tory as work on it began over the summer, well ahead of Tory’s election in October.

Taxpayers will have to fork over some extra cash

During the campaign Tory promised to keep any tax increase to the rate of inflation or below and he partially followed through on that, delivering a 2.25 per cent property tax hike. That number, however, rises to 2.75 per cent when the previously approved Scarborough subway extension levy is factored in, meaning the average property owner will pay an extra $71.10 a year. The current rate of inflation in Toronto is 2.6 per cent.

The budget includes big money for the TTC

Tory had already announced that the budget would include a $38 million increase on the subsidy given to the TTC but the investments in transit actually go beyond that with $600 million earmarked to purchase 810 new buses and $162 million set aside to purchase 60 new subway trains. Tory said Monday the city would invest $95 million – that is $38 million of new money from the city plus the revenue generated from increased fares and savings from cost-cutting measures at the TTC.

The budget is still months away from being approved

Though Tory has been discussing items in the budget as if they are reality, it could be months until the document is officially approved. A number of public presentations are planned for Feb. 2-3 and then the city’s budget committee will have a month to make amendments. The budget will then be brought before executive committee on March 2 and, if approved, will be debated by city council March 10-11.

Former mayor Rob Ford will have lots to say

Ward 2 Coun. Rob Ford has already expressed concern about Tory’s spending in the lead-up to the release of the budget and on Monday the former mayor told CP24 that he plans to bring forward “a lot of savings.” Perhaps expecting further criticism, Tory quipped on Tuesday that the previous administration “assumed the best way to go on a diet was to cut off your arm and sort of say you lost weight.”

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