Budget Committee
The full agenda, as filed
All 2 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
BU31.1adopted
Adjustments to Capital Budget, Carry Forward Funding and Future Year Commitments
During the 2021 tax and rate supported budget processes, City Council approved a combined $879.6 million of previously approved unspent capital projects to be carried forward to 2021-2025. The approved carry forward amount was based on the initial estimate prior to 2020 year-end closing. With the 2021 fiscal year closed in February 2021, City Programs and Agencies have finalized the 2020 actual project spending as well as the total carry forward request. As a result, the purpose of this report is to seek Council's approval for an additional $210.5 million of tax and rate supported carry-forward funding, of which $183.2 million to be carried to 2021 and $27.2 million to 2022 to 2025, to enable staff to complete 2020 and prior year approved capital projects. With the additional carry forward request, the total capital carry forward funding will be $1.090 billion, and the total Council approved 2021 tax and rate supported Capital Budget including previously approved carry forward amount will be $5.319 billion. This report also brings forward in-year Capital Budget adjustment requests for 2020 and future years. Programs and Agencies were not able to bring forward these adjustment requests earlier due to changes in scheduled committee meeting dates as a result of the COVID-19 emergency. Approval of these requests are needed as City Council's authority is required to continue with the project delivery.
Budget Committee recommends that: 1. City Council approve additional carry forward funding of $210.5 million from unspent capital projects funding as detailed in Appendix 1a and 1b to the report (April 14, 2021) from the Chief Financial Officer and Treasurer, in order to continue work on previously approved capital projects in 2021 and beyond, and that the 2021 Approved Capital Budget for respective City Programs and Agencies be adjusted accordingly. 2. Council approve in-year budget adjustments to the 2020 Approved Capital Budget as detailed in Appendix 2 to the report (April 14, 2021) from the Chief Financial Officer and Treasurer.
Staff recommendation as filed
The Chief Financial Officer and Treasurer recommends that: 1. City Council approve additional carry forward funding of $210.5 million from unspent capital projects funding as detailed in Appendix 1a and 1b to the report (April 14, 2021) from the Chief Financial Officer and Treasurer, in order to continue work on previously approved capital projects in 2021 and beyond, and that the 2021 Approved Capital Budget for respective City Programs and Agencies be adjusted accordingly. 2. Council approve in-year budget adjustments to the 2020 Approved Capital Budget as detailed in Appendix 2 to the report (April 14, 2021) from the Chief Financial Officer and Treasurer.
BU31.2adopted
Toronto Water 2020 Year End Capital Budget and 2021-2030 Capital Plan Adjustments
This report requests City Council's authority to amend Toronto Water's Approved 2020 Capital Budget by adjusting project costs and cash flows to align with year-end expenditures and project progress. The adjustments will have a zero dollar impact on the 2020 Capital Budget. This report requests City Council's authority to amend Toronto Water's Approved 2021 Capital Budget and 2022-2030 Capital Plan by adjusting project costs and cashflows contained within the Budget and Plan, respectively, to align the 2021 Capital Budget and 2022-2030 Capital Plan with the final 2020 capital expenditures and project progress. The adjustments will have a zero dollar impact on the 2021 Capital Budget and 2022-2030 Capital Plan and will align the budget and plan with Toronto Water's capital project delivery schedule and program requirements.
Budget Committee recommends that: 1. City Council authorize the reallocation of cashflows in the amount of $61.129 million in 2020 for acceleration and deferral of projects within the approved Toronto Water 2020 Capital Budget and 2021-2029 Capital Plan, with offsetting acceleration and deferral cashflow reallocation adjustments in the equal amount in 2021, 2022 and 2023 within the approved Toronto Water Capital Budget and 2022-2030 Capital Plan to align with project delivery, as presented in Schedule A (Parts A and B) to the report (April 1, 2021) from the General Manager, Toronto Water, with a zero budget impact. 2. City Council authorize the reallocation of 2020 cashflows and project costs within the approved Toronto Water 2020 Capital Budget and 2021-2029 Capital Plan in the amount of $4.135 million, from projects that have been completed under budget, to those requiring additional funding in the same amount as presented in Schedule A (Part C) to the report (April 1, 2021) from the General Manager, Toronto Water, with a zero budget impact.
Staff recommendation as filed
The General Manager, Toronto Water recommends that: 1. City Council authorize the reallocation of cashflows in the amount of $61.129 million in 2020 for acceleration and deferral of projects within the approved Toronto Water 2020 Capital Budget and 2021-2029 Capital Plan, with offsetting acceleration and deferral cashflow reallocation adjustments in the equal amount in 2021, 2022 and 2023 within the approved Toronto Water Capital Budget and 2022-2030 Capital Plan to align with project delivery, as presented in Schedule A (Part A and B) to the report (April 1, 2021) from the General Manager, Toronto Water, with a zero budget impact. 2. City Council authorize the reallocation of 2020 cashflows and project costs within the approved Toronto Water 2020 Capital Budget and 2021-2029 Capital Plan in the amount of $4.135 million, from projects that have been completed under budget, to those requiring additional funding in the same amount as presented in Schedule A (Part C) to the report (April 1, 2021) from the General Manager, Toronto Water, with a zero budget impact.