The filed record
Response to Ontario Regulation 286/09 Budget Matters - Expenses
The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.
The decision
2021-02-18 · Toronto City Council · adopted
As filed
City Council on February 18, 2021, adopted the following: 1. City Council receive the report (January 26, 2021) from the Chief Financial Officer and Treasurer for information.
On the agenda
As the city filed it
Ontario Regulation 286/09 "Budget Matters - Expenses" (Regulation) permits the City of Toronto (City) to exclude the following expenses from its annual budget: - amortization expenses; - post-employment benefits expenses; and - solid waste landfill closure and post-closure expenses. In addition, the Regulation requires that the City: - Prepare a report about the excluded expenses which contains: - An estimate of the change in accumulated surplus as a result of the exclusion of the above expenses.
Show the rest of As the city filed it, 1,047 more characters as filed
- An analysis of the estimated impact of the exclusion of these expenses on future tangible capital asset funding requirements. - Adopt the report prior to the adoption of its annual budget. This report is presented to Committee and Council in response to the Regulation. The City's annual balanced budget outlines the funds required to support the City's anticipated operating expenses for the fiscal year, along with funds required to support the planned acquisition or development of tangible capital assets. The balanced budget which is allowed to be prepared using a cash basis accounting versus the accrual basis used for financial reporting purposes excludes the above expenditures, estimated at $1.5B for 2021. The excluded expenses result in a reduction to the City's accumulated surplus balance. The City's accumulated surplus represents the amount the City has invested in its tangible capital assets. These expenses represent non-cash accounting expenditures required for financial reporting purposes under accrual basis of accounting.
Staff recommended
The Chief Financial Officer and Treasurer recommends that: 1. City Council receive this report for information.
Considered
2021-02-11 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council receive the report (January 26, 2021) from the Chief Financial Officer and Treasurer for information.
2021-02-18 · Toronto City Council · adopted