Operating Variance Report for the Four Months Ended April 30, 2025

Table 1: Tax-Supported Operating Variance Summary $ in Millions Favourable / (Unfavourable) April 30, 2025 (Year-to-Date) December 31, 2025, (Year-End) Projection Tax-Supported Operating Variance Summary Budget Actual Var Budget Actual Var City Operations 1,316.6 1,222.6 94.0 3,345.7 3,318.2 27.5 Agencies 1,023.9 1,028.9 (5.0) 3,033.3 3,081.4 (48.1) Corporate Accounts (193.6) (179.9) (13.7) (740.3) (764.1) 23.8 Total 2,147.0 2,071.6 75.3 5,638.7 5,635.5 3.2 Less: Toronto Building and City Planning 7.6 (4.8) 12.4 (5.2) (7.6) 2.4 Total Variance Excluding Toronto Building and City Planning 2,139.4 2,076.4 62.9 5,643.9 5,643.1 0.8 % of Gross Budget 3% 0% As detailed in Table 1 above, for the four-month period, Tax-Supported Operations experienced a favourable net variance of $62.9 million. A favourable net variance of $0.8 million is projected at year-end. These favourable variances reflect adjustments for Toronto Building and City Planning, whose surpluses are allocated to reserves by legislation and Council policy or supported by reserve draws in the event of a deficit. The financial information presented is as of April 30 and represents a point-in-time snapshot, with the year-end projection based on current and anticipated future activities. Rate-Supported Programs: Rate-Supported Programs reported a favourable year-to-date net variance of $5.5 million. At year-end, Rate-Supported Programs are projecting a favourable variance of $32.2 million. Table 2: Rate-Supported Operating Variance Summary Variance ($ in Millions) April 30, 2025 (Year-to-Date) December 31, 2025 (Year-End) Projection Favourable / (Unfavourable) Budget Actual Var Budget Actual Var Rate-Supported Operating Variance Summary Solid Waste Management Services (13.5) (16.1) 2.6 0.0 (4.6) 4.6 Toronto Parking Authority (12.4) (13.6) 1.1 (41.9) (44.5) 2.6 Toronto Water 15.8 14.0 1.8 0.0 (25.0) 25.0 Total Variance (10.1) (15.6) 5.5 (41.9) (74.1) 32.2 The favourable year-to-date variance is driven by all three programs: Toronto Water, Toronto Parking Authority and Solid Waste, however the favourable projections to year-end are mainly driven by Toronto Water 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. Seventy-five percent (75 percent) of Toronto Parking Authority's surplus is allocated to the City, with the remaining 25 percent reinvested in Toronto Parking Authority's capital projects, which is consistent with the Income Sharing Agreement.