Item - 2013.EX33.32
Tracking Status
- City Council considered this item on July 16, 2013 and received the item for information. No further action will be taken on this item.
- This item was considered by the Executive Committee on July 3, 2013 and adopted without amendment. It will be considered by City Council on July 16, 2013.
- See also Item BU41.2
- See also Item BU42.1
EX33.32 - Operating Variance Report for the Year Ended December 31, 2012
- Decision Type:
- ACTION
- Status:
- Received
- Wards:
- All
City Council Decision
City Council on July 16, 17, 18 and 19, 2013, received Item EX33.32 for information.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59479.htm
(May 23, 2013) Report with Appendices A to D, from the Deputy City Manager and Chief Financial Officer on Operating Variance Report for the Year Ended December 31, 2012
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59478.pdf
(June 28, 2013) 2013 Budget Briefing Note on Update on 2012 Actual Staffing Strength and 2013 Year-End Staffing and Vacancy Projections
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59994.pdf
Appendix 1- Briefing Note on 2012 Actual Staffing and 2013 Year-End Vacancy Projection Total Operating and Capital Positions - December 31, 2012
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59995.pdf
Motions (City Council)
That City Council delete the Executive Committee recommendation and adopt the following instead:
1. City Council approve the allocation of $186.116 million of the 2012 final year-end operating surplus to the Capital Financing Reserve.
2. City Council approve the allocation of $62.067 million to the underfunded liabilities and/or reserve funds as follows:
a. Innovation Reserve Fund - Fund Future Efficiency Studies (0.849);
b. Major Special Event Reserve Fund - Toronto Pan/Parapan AmGames (As Per Recommendations) (12.200);
c. Police Legal Liabilities Reserve - Fund Future Liabilities (2.500);
d. Insurance Reserve Fund - Mitigate Funding Pressure of Liabilities (8.000);
e. Social Assistance Stabilization Reserve (10.500);
f. Commodity Price Stabilization Reserve (1.018);
g. Corporate Extreme Weather Reserve (11.000);
h. Election Reserve Fund - Funding for Municipal Elections (2.500);
i. Employee Benefits Reserve Fund – Ensure Funding for Future Liabilities (3.000); and
j. Tax Rate Stabilization Fund (4.000).
City Council direct the City Manager to report to the Executive Committee in the fourth Quarter of 2013 with recommendations for revisions to the Surplus Management Policy to confirm Council authority to approve or amend the recommended allocation of 25 percent of the year end operating surplus including the possible continuation of delegated authority for certain under-funded liability reserves and reserve funds.
Vote (Receive Item) Jul-19-2013 4:04 PM
| Result: Carried | Majority Required - EX33.32 - Del Grande - motion 2 - Receive item |
|---|---|
| Total members that voted Yes: 18 | Members that voted Yes are Paul Ainslie, Ana Bailão, Raymond Cho, Glenn De Baeremaeker, Mike Del Grande, Frank Di Giorgio, Doug Ford, Mark Grimes, Doug Holyday, Josh Matlow, Peter Milczyn, Ron Moeser, Frances Nunziata (Chair), Cesar Palacio, John Parker, Jaye Robinson, Karen Stintz, Michael Thompson |
| Total members that voted No: 13 | Members that voted No are Maria Augimeri, Michelle Berardinetti, Shelley Carroll, Josh Colle, Janet Davis, Mary Fragedakis, Mike Layton, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Gord Perks, Adam Vaughan, Kristyn Wong-Tam |
| Total members that were Absent: 14 | Members that were absent are Gary Crawford, Vincent Crisanti, Sarah Doucette, John Filion, Paula Fletcher, Rob Ford, Norman Kelly, Chin Lee, Gloria Lindsay Luby, Giorgio Mammoliti, Denzil Minnan-Wong, James Pasternak, Anthony Perruzza, David Shiner |
Councillor Carroll, rising on a Point of Privilege, stated that Councillor Del Grande had misrepresented her earlier remarks.
Councillor Del Grande, rising on a Point of Privilege, sated that Councillor Carroll and other Members were interrupting his remarks.
32a - Priority Consideration of the Unspent Portion of Shelter, Support and Housing’s Operating Variance for the Year ended December 31, 2012
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59897.pdf
EX33.32 - Operating Variance Report for the Year Ended December 31, 2012
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council receive the item for information.
Origin
Summary
The purpose of this report is to provide Council with the City of Toronto Operating Variance for the year ended December 31, 2012 and allocation of the 2012 year-end under-spending.
The preliminary 2012 year-end operating position for Tax Supported Operations resulted in a net favourable variance of $248.183 million available for distribution after Council/Legislative Requirements are met. Consistent with the City Council's approved Surplus Management Policy, at least 75 percent of the surplus or $186.116 million of the 2012 final year-end operating results will be allocated to the Capital Financing Reserve and $62.067 million will be allocated to underfunded liabilities and/or reserve funds. In addition, Rate Supported Programs reported a year-end net favourable variance of $63.186 million.
It should be noted that the audit of the 2012 financial statements is not complete. As a result, there is a possibility that changes to the final surplus amount could occur but staff anticipate that any further adjustments will be minor in nature.
Background Information
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59479.htm
(May 23, 2013) Report with Appendices A to D, from the Deputy City Manager and Chief Financial Officer on Operating Variance Report for the Year Ended December 31, 2012
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59478.pdf
(June 28, 2013) 2013 Budget Briefing Note on Update on 2012 Actual Staffing Strength and 2013 Year-End Staffing and Vacancy Projections
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59994.pdf
Appendix 1- Briefing Note on 2012 Actual Staffing and 2013 Year-End Vacancy Projection Total Operating and Capital Positions - December 31, 2012
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59995.pdf
Motions
32a - Priority Consideration of the Unspent Portion of Shelter, Support and Housing’s Operating Variance for the Year ended December 31, 2012
Origin
Summary
City Council on June 11, 12 and 13, 2013, adopted Item CC36.5, as amended and in so doing, has requested the Executive Committee, when dealing with the Operating Variance Report for the year ended December 31, 2012, to consider as a priority, that the unspent portion of Shelter, Support and Housing be retained by the Division and be split between the social housing reserve fund to create new affordable housing units and the supplement programs to help keep vulnerable tenants in Toronto Community Housing Corporation units properly housed.
City Council on June 11, 12 and 13, 2013, adopted, as amended Item CC36.5, headed, “Housing at Risk: An Investigation into the Toronto Community Housing Corporation's Eviction of Seniors on the Basis of Rental Arrears”.
City Council’s request is forwarded to the Executive Committee for consideration with the Operating Variance Report for the year ended December 31, 2012.
Background Information
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-59897.pdf