The filed record
Adjustments to Capital Budget, Carry Forward Funding and Future Year Commitments
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The decision
2022-04-13 · Budget Committee · adopted
As filed
The Budget Committee recommends that: 1. City Council approve additional carry forward funding of $545.2 million from unspent capital projects funding as detailed in Appendix 1a and 1b to the report (April 5, 2022) from the Chief Financial Officer and Treasurer, in order to continue work on previously approved capital projects in 2022 and beyond, and that the 2022 Approved Tax and Rate Supported Capital Budgets for respective City Programs and Agencies be adjusted accordingly.
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2. City Council approve year-end budget adjustments to the 2021 Approved Tax and Rate Supported Capital Budgets as detailed in Appendix 2 to the report (April 5, 2022) from the Chief Financial Officer and Treasurer.
On the agenda
As the city filed it
During the 2022 tax and rate supported budget processes, City Council approved a combined $1.082 billion of previously approved unspent capital projects to be carried forward to 2022-2026. The approved carry forward amount was based on an initial estimate based on projections available at the time of budget development, prior to 2021 year-end closing. With the 2021 fiscal year closed in March 2022, City Programs and Agencies have finalized the 2021 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 $545.2 million of tax and rate supported carry-forward funding, of which $163.7 million to be carried to 2022 and $381.5 million to 2023 to 2026, to enable staff to complete 2021 and prior year approved capital projects. The increased carry forward funding was mainly driven by lower 2021 actual expenditures compared to budget due to sustained impacts from public health measures and supply chain disruption throughout 2021, which were more adverse than anticipated particularly due to the emergence of the Omicron wave at year-end. With the additional carry forward request, the total capital carry forward funding will be $1.627 billion, and the total Council approved 2022 tax and rate supported Capital Budgets including previously approved carry forward amount will be $5.683 billion. The revised total carry forward funding is equivalent to 28.6 percent of the total tax and rate supported Capital Budget. This report also brings forward in-year rate and tax supported Capital Budget adjustment requests for 2021 and future years. Approval of these requests are needed as City Council's authority is required to continue with the project delivery.
Staff recommended
The Chief Financial Officer and Treasurer recommends that: 1. City Council approve additional carry forward funding of $545.2 million from unspent capital projects funding as detailed in Appendix 1a and 1b, in order to continue work on previously approved capital projects in 2022 and beyond, and that the 2022 Approved Tax and Rate Supported Capital Budgets for respective City Programs and Agencies be adjusted accordingly.
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2. City Council approve year-end budget adjustments to the 2021 Approved Tax and Rate Supported Capital Budgets as detailed in Appendix 2.