Capital Variance Report for the Six Months Ended June 30, 2024

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The decision

2024-10-09 · Toronto City Council · amended

As filed

City Council on October 9 and 10, 2024, adopted the following: 1. City Council approve in-year budget adjustments to the 2024-2033 Approved Capital Budget and Plan, as well as reallocations of funding sources for prior Approved Capital Budgets, as detailed in Appendix 3 to the report (September 17, 2024) from the Chief Financial Officer and Treasurer. 2. City Council direct the General Manager, Transportation Services

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and the Chief Financial Officer and Treasurer to examine the capital budget and plan for the West Toronto Railpath Extension project, and to report back to the Executive Committee in advance of City Council's consideration of the 2025 Budget, with an update on the project, including the process of due diligence and findings of an independent third-party estimate review.

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 six-month period ended June 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 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 six-month period ended June 30, 2024, and the projected expenditures by year-end, December 31, 2024.

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Table 1: Capital Variance Summary Table 1 Corporate Capital Variance Summary for the Period Ended June 30, 2024 2024 Budget* 2024 Q2 Year-to-Date Expenditures 2024 Projected Year-End Expenditures $M $M % $M % City Operations 3,226.4 661.2 20.5% 2,355.5 73.0% Agencies 1,643.1 676.6 41.2% 1,608.4 97.9% Tax Supported: 4,869.5 1,337.8 27.5% 3,963.9 81.4% Rate Supported: 1,446.2 343.2 23.7% 1,200.7 83.0% TOTAL 6,315.7 1,681.0 26.6% 5,164.6 81.8% *Note: Includes 2023 carry forward funding The City's actual capital spending through the first six months of 2024 is $1.681 billion or 26.6% of the 2024 Approved Capital Budget. This is slightly better than prior year's experience. The projected year-end spending rate is 81.8% based on estimates provided by City Programs and Agencies, which is largely in line with last year's projection at the same reporting period. Capital spending will continue to be reviewed with updates provided in future variance reports that will benefit from actual experience in the months where capital expenditures are more intense. 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 reallocations of funding sources for prior Approved Capital Budgets, as detailed in Appendix 3.

Considered

2024-10-01 · 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 reallocations of funding sources for prior Approved Capital Budgets, as detailed in Appendix 3 to the report (September 17, 2024) from the Chief Financial Officer and Treasurer.
2024-10-09 · Toronto City Council · amended

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