Capital Variance Report for the Eight (8) Months Ending August 31, 2022

The cancellation of these projects provides an opportunity to reallocate the surplus capital of $3.02 million against priority projects. Using the capital variance process, Management intends to use the surplus capital of $3.02 million to pay a deposit of $2.99 million against the Bike Share 2023 Equipment purchase. The early purchase of equipment will support year two of the four-year expansion of Bike Share Toronto by ensuring that the procured equipment is delivered by second quarter 2023. Should Toronto Parking Authority Board of Directors adopt the recommendations of this report, the proposed in-year adjustment to Toronto Parking Authority's 2022 Approved Capital Budget will be referred to City Council for approval, a standard part of the process for making in-year adjustments to Council-approved Capital Budgets. Moving forward, management will leverage capital variance reports with both the Audit and Risk Management Committee and the Board to identify not only the productivity of Toronto Parking Authority's capital spending programmes, but to highlight and recommend areas of opportunity to accelerate investments as circumstances warrant.