The filed record
Capital Variance Report for the Four Months Ended April 30, 2024
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The decision
2024-07-24 · Toronto City Council · adopted
As filed
City Council on July 24 and 25, 2024, adopted the following: 1. City Council approve in-year budget adjustments to the 2024-2033 Approved Capital Budget and Plan, as well as a reallocation of funding sources for 2022 and 2023 Approved Capital Budgets, as detailed in Appendix 3 to the report (July 2, 2024) from the Chief Financial Officer and Treasurer.
On the agenda
As the city filed it
The purpose of this report is to provide City Council with the City of Toronto capital spending for the four-month period ended April 30, 2024, as well as the projected 2024 year-end expenditures. Furthermore, this report seeks Council's approval for in-year budget adjustments to previous approved Capital Budget and Plan as outlined in the Appendix 3 of this report. Table 1 below summarizes the City's 2024 actual capital expenditures compared with the 2024 Approved Capital Budget for the four-month period ended April 30, 2024, and the projected expenditures by December 31, 2024.
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Table 1: Capital Variance Summary Table 1 Corporate Capital Variance Summary for the Period Ended April 30, 2024 2024 Budget* 2024 4M Y ear-to-Date Expenditures 2024 Projected Year-End Expenditures $M $M % $M % City Operations 3,124.4 258.0 8.3% 2,479.5 79.4% Agencies 1,637.4 413.5 25.3% 1,621.4 99.0% Tax Supported: 4,761.8 671.5 14.1% 4,101.0 86.1% Rate Supported: 1,448.3 172.6 11.9% 1,243.7 85.9% TOTAL 6,210.1 844.1 13.6% 5,344.7 86.1% *Note: Includes 2023 carry forward funding The City's actual capital spending through the first four months of 2024 is $844.1 million or 13.6% of the 2024 Approved Capital Budget. This is in line with the seasonal trend of historical spending pattern. The projected spending rate is 86.1% by year-end based on submissions from City Programs and Agencies. Capital spending will continue to be reviewed with updates provided in future variance reports that will benefit from actual experience over capital intensive months. As more actual delivery materialized over the course of the year, the Programs and Agencies will provide updated spending projections.
Staff recommended
The Chief Financial Officer and Treasurer recommends that: 1. City Council approve in-year budget adjustments to the 2024-2033 Approved Capital Budget and Plan, as well as a reallocation of funding sources for 2022 and 2023 Approved Capital Budgets, as detailed in Appendix 3.
Considered
2024-07-16 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council approve in-year budget adjustments to the 2024-2033 Approved Capital Budget and Plan, as well as a reallocation of funding sources for 2022 and 2023 Approved Capital Budgets, as detailed in Appendix 3 to the report (July 2, 2024) from the Chief Financial Officer and Treasurer.
2024-07-24 · Toronto City Council · adopted
On the record
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