Capital Variance Report for the Four Months Ended April 30, 2019

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The decision

2019-07-16 · Toronto City Council · adopted

As filed

City Council on July 16, 17 and 18, 2019, adopted the following: 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 (June 13, 2019) from the Chief Financial Officer and Treasurer that result in no incremental impact on debt financing. 2. City Council approve additional 2018 carry forward funding for Toronto Transit Commission and Go Transit as detailed in Appendix 6 to the report (June 13, 2019) from the Chief Financial Officer and Treasurer.

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3. City Council receive for information the list of 30 completed capital projects/sub-projects to be closed as detailed in Appendix 2 to the report (June 13, 2019) from the Chief Financial Officer and Treasurer that results in a total combined project budget an underspending of $4.498 million.

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 four month period ended April 30, 2019, as well as projected actual expenditures to December 31, 2019. Furthermore, this report seeks Council's approval for in-year budget adjustments to the 2019 Approved Capital Budget and additional carry-forward from 2018 that have no impact on approved debt. As illustrated in Table 1 below, 2019 the City's capital expenditure was $748.3 million or 13.1 percent of the 2019 capital budget of $5,793 billion and is projecting to expend $4,589 billion or 79.0 percent by December 31, 2019.

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Table 1: Capital Variance Summary 2019 Approved Budget Actual Expenditures - 4M YTD 2019 Approved Budget Projected Expenditures - January to December $M $M % $M $M % City Operations 2,074 212 10.2% 2,074 1,555 75.0% Agencies 2,593 393 15.5% 2,533 2,056 78.8% Subtotal - Tax Supported 4,607 605 13.1% 4,607 3,551 77.1% Rate Supported 1,126 144 12.7% 1,126 977 86.7% TOTAL 5,793 748 13.1% 5,733 4,589 79.0% The spending pattern for the first quarter is typically within 10 percent of the total Council Approved Capital Budget. Tax Supported Programs project a spending rate of 77.1 percent while Rate Supported Programs project a spending rate of 86.7 percent 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 details the 46 completed capital projects that have a combined budget of $66.861 million that are ready to be closed. They have been completed under budget, realizing underspending of $6.501 million. The permanent underspending which has associated funding of $0.468 million in capital from current, $0.339 million in debt, $4.114 million in reserves/reserve funds, $0.264 million in Recoverable Debt, $0.115 million in Development Charges and $1.2 million in other Revenue will be returned to their original funding sources.

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. 2. City Council approve additional 2018 carry forward funding for Toronto Transit Commission and Go Transit as detailed in Appendix 6. 3. City Council receive for information the

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list of 30 completed capital projects/sub-projects to be closed as detailed in Appendix 2 that results in a total combined project budget an underspending of $4.498 million.

Considered

2019-07-04 · Executive Committee · adopted
Decision as filed
The Executive 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 that result in no incremental impact on debt financing. 2. City Council approve additional 2018 carry forward funding for Toronto Transit Commission and Go Transit as detailed in Appendix 6 to the report (June 13, 2019) from the Chief Financial Officer and Treasurer.
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3. City Council receive for information the list of 30 completed capital projects/sub-projects to be closed as detailed in Appendix 2 to the report (June 13, 2019) from the Chief Financial Officer and Treasurer that results in a total combined project budget an underspending of $4.498 million.
2019-07-16 · Toronto City Council · adopted

On the record

The item as the City filed it

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