Capital Variance Report for the Twelve Months Ended December 31, 2020

- Rate Supported Programs reported capital expenditures of $1.164 billion, representing 85.1 percent of their collective 2020 approved Capital Budget of $1.368 billion. Table 1 - Capital Variance Summary Table 1 Corporate Capital Variance Summary for the Period Ended December 31, 2020 2020 Approved Budget* 2020 Actual Expenditures $M $M % City Operations 2,278 1,483 65.1% Agencies 1,360 1,020 75.0% Tax Supported 3,638 2,503 68.8% Rate Supported Programs: 1,368 1,164 85.1% TOTAL 5,006 3,666 73.2% * Note: Includes 2019 carry forward funding and 2020 in-year adjustments While further efforts to improve capital spending continue, divisional and agency improvements in capital planning along with refinements in capital budgeting have resulted in improved capital spend rates in 2020. - 2020 spending rates on Tax supported (68.8 percent) and Rate supported (85.1 percent) are both greater than the 5 year historical average spend rates of 60.2 percent and 77.5 percent respectively. - These improvements were achieved in 2020 despite the impact that COVID-19 had on capital delivery. At the onset of COVID-19, due to the uncertainty of pandemic related financial impacts and the amount of financial assistance to be provided from other levels of government, delivery was slowed for capital projects funded by Capital from Current to enable potential funding offsets to experienced COVID-19 financial impacts. Moving forward, the City will continue to plan annual capital projects in line with both affordability and achievability, based on the historical actual capacity. The strategy is expected to improve capital spend rate in future years; enabling funding capacity otherwise going unspent to be directed to capital priorities.