Adjustments to Capital Budget Carry Forward Funding and Future Year Commitments

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The decision

2020-07-28 · Toronto City Council · adopted

As filed

City Council on July 28 and 29, 2020, adopted the following: 1. City Council approve additional carry-forward funding of $440.9 million from unspent capital projects funding as detailed in Appendices 1a, 1b and 2 to the report (July 7, 2020) from the Chief Financial Officer and Treasurer, in order to continue work on previously approved capital projects in 2020 and beyond, and that the 2020 Approved Capital Budget for respective City Programs and Agencies be adjusted accordingly with no incremental impact on debt.

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2. City Council approve in-year budget adjustments to the 2019 Approved Capital Budget as detailed in Appendices 3, 4, 5 and 6 to the report (July 7, 2020) from the Chief Financial Officer and Treasurer for Parks, Forestry and Recreation, Transportation Services, Toronto Public Library, Toronto Transit Commission respectively, with no incremental impact on 2020 debt funding as a result of these adjustments. 3. City Council approve in-year budget adjustments to the 2020-2029 Approved Capital Budget and Plan as detailed in Appendix 7 to the report (July 7, 2020) from the Chief Financial Officer and Treasurer for Shelter, Support and Housing Administration, with no incremental impact on 2020 debt funding as a result of this adjustment.

On the agenda

As the city filed it

During the 2020 budget process, City Council approved $898.8 million of previously approved unspent capital projects to be carried forward to 2020 to continue the project delivery in 2020. The approved carry forward amount was based on the initial estimate prior to 2019 year-end closing. With the 2019 fiscal year closed in March 2020, City Programs and Agencies have finalized the 2019 actual project spending as well as the total carry forward request.

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As a result, the purpose of this report is to seek Council's approval for an additional $440.9 million carry-forward funding, of which $400.3 million to be carried to 2020 and $40.6 million to 2021 and 2022, to enable staff to complete 2019 and prior year approved capital projects. With the additional carry forward request, the total 2019 and prior years capital carry forward funding will be $1.340 billion, and the total Council approved 2020 Capital Budget including previously approved carry forward amount will be $4.866 billion. The recommended carry forward funding adjustments have no impact on the City's approved debt for 2020. This report also brings forward in-year Capital Budget Adjustment requests for 2019 and future years. Programs and Agencies were not able to bring forward these adjustment requests earlier due to changes in scheduled committee meeting dates as a result of the COVID-19 emergency. Approval of these requests are needed as City Council's authority is required to continue with the project delivery. The details can be found in Appendix 3 to 7.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council approve additional carry forward funding of $440.9 million from unspent capital projects funding as detailed in Appendices 1a, 1b and 2, in order to continue work on previously approved capital projects in 2020 and beyond, and that the 2020 Approved Capital Budget for respective City Programs and Agencies be adjusted accordingly with no incremental impact on debt.

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2. City Council approve in-year budget adjustments to the 2019 Approved Capital Budget as detailed in Appendices 3, 4, 5 and 6 for Parks, Forestry and Recreation, Transportation Services, Toronto Public Library, Toronto Transit Commission respectively. There is no incremental impact on 2020 debt funding as a result of these adjustments. 3. City Council approve in-year budget adjustments to the 2020-2029 Approved Capital Budget and Plan as detailed in Appendix 7 for Shelter, Support and Housing Administration. There is no incremental impact on 2020 debt funding as a result of this adjustment.

Considered

2020-07-21 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council approve additional carry forward funding of $440.9 million from unspent capital projects funding as detailed in Appendices 1a, 1b and 2 to the report (July 7, 2020) from the Chief Financial Officer and Treasurer, in order to continue work on previously approved capital projects in 2020 and beyond, and that the 2020 Approved Capital Budget for respective City Programs and Agencies be adjusted accordingly with no incremental impact on debt.
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2. City Council approve in-year budget adjustments to the 2019 Approved Capital Budget as detailed in Appendices 3, 4, 5 and 6 to the report (July 7, 2020) from the Chief Financial Officer and Treasurer for Parks, Forestry and Recreation, Transportation Services, Toronto Public Library, Toronto Transit Commission respectively, with no incremental impact on 2020 debt funding as a result of these adjustments. 3. City Council approve in-year budget adjustments to the 2020-2029 Approved Capital Budget and Plan as detailed in Appendix 7 to the report (July 7, 2020) from the Chief Financial Officer and Treasurer for Shelter, Support and Housing Administration, with no incremental impact on 2020 debt funding as a result of this adjustment.
2020-07-28 · Toronto City Council · adopted

On the record

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