Annual Financial Report

The report presents the City’s 2025 consolidated revenues of $19,719 million and total expenses of $18,028 million, producing an annual surplus of $1,691 million. It includes unaudited climate-related disclosures guided by TCFD recommendations and describes the City’s first comprehensive climate-risk assessment. The City continued implementing the TransformTO Net Zero Strategy and annual Carbon Budget process, while issuing $200 million in green bonds to fund environmental projects.