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←Budget Committee · 2019-12-06 · 2019.BU12.1

The filed record

Capital Variance Report for the Nine Months Ended September 30, 2019

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The decision

2019-12-06 · Budget Committee · adopted

As filed

The Budget Committee recommends that: 1. City Council approve in-year budget adjustments to the 2019-2028 Approved Capital Budget and Plan as detailed in Appendix 4 to the report (November 29, 2019) from the Chief Financial Officer and Treasurer that result in no incremental impact on debt financing.

On the agenda

As the city filed it

The purpose of this report is to provide City Council with the City of Toronto capital spending for the nine month period ended September 30, 2019, as well as projected expenditures to December 31, 2019. Furthermore, this report seeks Council's approval for in-year budget adjustments to the 2019 Approved Capital Budget that have no impact on 2019 approved debt. As illustrated in Table 1 below, City's 2019 capital expenditure was $2.237 billion or 39.3 percent of the 2019 capital budget of $5.689 billion for the period ended September 30, 2019 and is projecting to expend $3.945 billion or 69.3 percent by December 31, 2019.

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Table 1 - Capital Variance Summary 2019 Approved Budget* Actual Expenditures - January to September Projected Expenditures - January to December $M $M Percent $M Percent City Operations 1,968 679 34.5 percent 1,269 64.5 percent Agencies 2,592 1,002 38.7 percent 1,699 65.6 percent Subtotal - Tax Supported 4,560 1,682 36.9 percent 2,968 65.1 percent Rate Supported 1,129 555 49.2 percent 977 86.5 percent TOTAL 5,689 2,237 39.3 percent 3,945 69.3 percent *Note: Includes 2018 carry forward funding and 2019 in-year adjustments The Capital spending pattern for the first nine month typically ranges between 32 percent and 37 percent of the total Council Approved Capital Budget. Total City projected spend of 69.3 percent by year-end is comprised of a Tax Supported Programs spending rate of 65.1 percent and a Rate Supported Programs spending rate of 86.5 percent. The projected year-end spending rates presented in this report are based on the submissions from each Program and Agency, and as such, the preparation of this report has been based on this information. The report also details the 6 completed capital projects that have a combined budget of $8.3 million that are ready to be closed. They have been completed under budget, realizing underspending of $1.6 million.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council approve in-year budget adjustments to the 2019-2028 Approved Capital Budget and Plan as detailed in Appendix 4 that result in no incremental impact on debt financing.

    On the record

    The item as the City filed it

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