Capital Variance Report for the Twelve Months Ended December 31, 2024

- Tax Supported City Programs and Agencies reported capital expenditures of $3.653 billion representing 73.4 percent of their collective 2024 Approved Capital Budget of $4.976 billion. - Rate Supported City Programs reported capital expenditures of $1.086 billion, representing 75.1 percent of their collective 2024 Approved Capital Budget of $1.446 billion. Table 1: Capital Variance Summary Table 1 Corporate Capital Variance Summary for the Period Ended December 31, 2024 2024 Approved Budget* 2024 YE Actual Expenditures $M $M % City Operations 3,313.9 2,107.6 63.6% Agencies 1,661.9 1,545.6 93.0% Tax Supported: 4,975.8 3,653.3 73.4% Rate Supported: 1,445.8 1,086.3 75.1% TOTAL 6,421.6 4,739.6 73.8% *Note: Includes carry forward funding In 2024, the City's actual capital delivery continued its upward trend, building from the progress made in 2023. The capital spending totaled $4.740 billion, with a spending rate of 73.8 percent, reflect an improvement over 2023, when capital expenditures were $4.219 billion with a spending rate of 71.4 percent. The spending rate is defined as the actual capital expenditures as a percentage of the full year budget including in-year budget adjustments and carry forward funding from prior years' unspent budget. The improved spending rate is largely attributable to the City's sustained focus on prioritizing capital delivery, supported by strengthened budget planning process. This approach has enabled City Programs and Agencies to accelerate project timelines and enhance overall execution The achievements were made possible by the coordinated efforts of City Council, Divisions, and Agencies.