Operating Variance Report for the Four Months Ended April 30, 2024

Table 1: Tax-Supported Operating Variance Summary Variance ($ in millions) Favourable / (Unfavourable) April 30, 2024 (Year-to-Date) December 31, 2024 (Year-End) Projection Budget Actual Var Budget Actual Var Tax-Supported Operating Variance Summary City Operations 1,099.3 1,022.4 76.9 3,012.3 2,983.2 29.1 Agencies 965.3 941.1 24.2 2,745.3 2,735.9 9.4 Corporate Accounts (127.8) (119.9) (7.8) (453.7) (488.5) 34.8 Total 1,936.9 1,843.6 93.3 5,303.9 5,230.6 73.3 Less Toronto Building 7.2 (0.7) 7.9 (16.1) (33.1) 16.9 Less City Planning 4.4 8.4 (4.0) 10.5 17.1 (6.6) Total Variance-Excluding Toronto Building/City Planning 1,925.3 1,835.8 89.5 5,309.6 5,246.7 62.9 % of Gross Budget 5% 1% As detailed in Table 1 above, for the four-month period, Tax-Supported Operations experienced a favourable net variance of $89.5 million. A favourable net variance is projected at year-end of $62.9 million. These figures are adjusted for Toronto Building, City Planning, which have surplus allocated to reserves by legislation or reserve draws if a deficit is experienced. It is important to note that the financial information presented is as of April 30, which is a snapshot in time and the year-end projection is based on current and expected future activities. The funding provided by the New Deal struck with the Province of Ontario makes significant contributions towards transit and shelter related services. To date, $300.0 million has been received for Subway and Transit Safety, Recovery and Sustainable Operations, $200.0 million for Shelters and Homelessness, and $6.9 million related to operating costs of the Gardner Expressway and Don Valley Parkway, which are all reflected in the City's year-to-date results and year-end projections. Rate-Supported Programs: Rate-Supported Programs reported a favourable year-to-date net variance of $19.1 million. At year-end, Rate-Supported Programs are projecting a favourable variance of $33.0 million. Table 2: Rate-Supported Operating Variance Summary Variance ($ in millions) Favourable / (Unfavourable) April 30, 2024 (Year-to-Date) December 31, 2024 (Year-End) Projection Budget Actual Var Budget Actual Var Solid Waste Management Services (17.9) (20.9) 3.0 0.0 (8.0) 8.0 Toronto Parking Authority (6.5) (12.7) 6.2 (31.9) (37.8) 5.9 Toronto Water 26.8 16.8 10.0 (0.0) (19.1) 19.1 Total Variance 2.4 (16.7) 19.1 (31.9) (65.0) 33.0 While the favourable year-to-date variance was driven by all three programs, Toronto Water accounts for just over fifty (50) percent of the variance. The year-end projections forecast all programs seeing a favourable net variance. Rate-Supported Programs are funded entirely by user fees that are used to pay for the services provided and the infrastructure to deliver them. Solid Waste Management Services and Toronto Water's respective year-end surpluses, if any, must be transferred to the Waste Management Reserve Fund and the Wastewater and Water Stabilization Reserves respectively, to finance capital investments and ongoing capital repairs and maintenance.