Capital Variance Report for the Nine-Month Period Ended September 30, 2018

A list of in-year budget adjustments approved as part of the Chief Financial Officer's delegated authority can be found in Appendix 4a of this report. As at September 30, 2018 the City's capital expenditure was $2,101 or 35.6% of the 2018 capital budget of $5,904 and is projecting to expend $4,007 or 67.9% by December 31, 2018. Table 1: Capital Variance Summary 2018 Approved Budget Actual Expenditures - Q3 YTD 2018 Approved Budget Projected Expenditures - January to December $M $M % $M $M % City Operations 2,271 642 28.3% 2,271 1,357 59.8% Agencies 2,455 1,037 42.3% 2,455 1,824 74.3% Subtotal - Tax Supported 4,725 1,679 35.5% 4,725 3,181 67.3% Rate Supported 1,178 422 35.8% 1,178 826 70.1% TOTAL 5,904 2,101 35.6% 5,904 4,007 67.9% Tax Supported Programs project a spending rate of 67.3% while Rate Supported Programs project a spending rate of 70.1% by year-end. 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 reports 9 completed capital projects with a combined budget of $54.537 million that are ready to be closed. They have been completed under budget, realizing permanent underspending of $10.100 million with associated reserves/reserve funding which will be returned to the originating reserve/reserve fund accounts.