Deferred Revenue Report at June 30, 2024

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

As the city filed it

This report provides an update of the deferred revenue balances as at June 30, 2024, and earned revenue for the six months ended June 30, 2024, which is included in the City of Toronto's (City) Statement of Operations and Accumulated Surplus. The City receives monies from external parties and is obligated to set these monies aside for specific purposes outlined in Provincial legislation or third-party agreements. When these monies are received, they are recognized on the City's Statement of Financial Position as a liability called deferred revenue.

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The deferred revenue amounts are recognized as earned revenue only when the committed investment is completed, and expenditures are recognized as tangible capital assets in the Statement of Financial Position or as operating expenses in the Statement of Operations and Accumulated Surplus. As at June 30, 2024, the City recorded $7,241.0 million in deferred revenues, as compared to $6,301.7 million recorded at December 31, 2023. The increase of $939.3 million results from the City receiving more monies ($994.1 million) than amounts recognized as revenue ($54.8 million) in the period.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. Executive Committee receive the Deferred Revenue Report as at June 30, 2024 for information.

Deferred Revenue Report at June 30, 2024

The decision

As filed

On the agenda

As the city filed it

Staff recommended

On the record

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