The city currently holds $14 billion in assets, much of which needs repair or replacement, with insufficient funds to address these needs, according to the Local Journalism Initiative citing 2022 budget document.
“The city’s current funding sources do not allow for full funding of the City’s SGR (state of good repair) needs,” the document read.
In 2022, City Hall faced a $40-45 million annual shortfall, with $400-450 million in unfunded infrastructure needs over a decade. Pavement projects alone are projected to leave a $30-43 million funding gap by 2031, while stormwater infrastructure requires an additional $3 million annually for the next decade.
The introduction of Bill 23 by the Doug Ford PC government, which limits the city’s ability to fund essential housing-related infrastructure, further exacerbates this financial strain.
Mississauga estimates a loss of $815-885 million in development charges over the next decade due to the legislation. Former city manager Paul Mitcham described the financial impact as “devastating” and the legislation as “the most significant” the municipality has ever faced.