Three months after he was elected mayor of Toronto, John Tory has released his first budget in City Hall. The budget, largely prepared by city staff and City Manager Joe Pennachetti prior to the election, was presented during a committee meeting on Tuesday morning. The city budget comes in two parts: operating and capital. The operating budget is used for annual costs, salaries and maintaining services and centres provided by the city. It includes recreational programs, parks maintenance, emergency services, garbage collection and water purification. It's mostly funded by property taxes and provincial grants. The capital budget includes construction costs, infrastructure repairs and other one-time expenses. It includes updates and maintenance of libraries, community centres, fire stations and sewage facilities. It's mostly funded by property taxes, but money also comes from reserves and other levels of government. After receiving the two-part budget, the committee will spend the next month reviewing the details before wrapping up on Feb. 20. During the month-long review, the committee will hear from those in charge of specific projects and programs, and will invite the public to make presentations. The final draft of the budget will be sent to Toronto's executive committee on March 2, and will be presented to city council on March 10. Flanked by the budget chair, Tory revealed some details about the proposed 2015 operating and capital budgets. "It's a sensible, prudent, balanced budget," Tory told reporters at City Hall. Here are 10 key numbers: Operating budget Capital budget
