Capital Variance Report for the Twelve Months Ended December 31, 2023

- Tax Supported City Programs and Agencies reported capital expenditures of $2.994 billion representing 68.8% of their collective 2023 Approved Capital Budget of $4.349 billion. - Rate Supported City Programs reported capital expenditures of $1.225 billion, representing 78.5% of their collective 2023 Approved Capital Budget of $1.561 billion. Table 1: Capital Variance Summary Table 1 Corporate Capital Variance Summary for the Period Ended December 31, 2023 2023 Approved Budget* 2023 YE Actual Expenditures $M $M % City Operations 2,609.2 1,523.6 58.4% Agencies 1,740.0 1,470.8 84.5% Tax Supported: 4,349.2 2,994.3 68.8% Rate Supported: 1,561.2 1,225.1 78.5% TOTAL 5,910.5 4,219.4 71.4% *Note: Includes 2022 carry forward funding The City's actual capital delivery in 2023 has improved from the average expenditure of $3.65 billion from 2019-2022 to $4.22 billion. In 2023, City Programs and Agencies enhanced budget planning and process management, including improving clarity and accountability in project execution and implementation, streamlining business planning processes, and improving decision-making. These actions along with improvements in the supply chain and other market conditions contributed to the on-time delivery or acceleration of capital projects. As a result, the City has achieved a spending rate of 71.4% in 2023, which is greater than the 2019-2022 average of 68%, with an aim for continued improvements in the coming years.