Item - 2015.EX6.13

Tracking Status

  • City Council adopted this item on June 10, 2015 without amendments.
  • This item was considered by the Executive Committee on May 26, 2015 and adopted without amendment. It will be considered by City Council on June 10, 2015.
  • See also BU8.4

EX6.13 - Capital Variance Report for the Year Ended December 31, 2014

Decision Type:
ACTION
Status:
Adopted
Wards:
All

City Council Decision

City Council on June 10, 11 and 12, 2015, adopted the following:

 

1.  City Council receive for information Appendix 2 to the report (April 22, 2015) from the Deputy City Manager and Chief Financial Officer which lists 41 completed capital projects/sub-projects to be closed resulting in a total combined project budget savings of $34.585 million.

Background Information (Committee)

(April 22, 2015) Report from the Deputy City Manager and Chief Financial Officer on Capital Variance Report for the Year Ended December 31, 2014
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80088.pdf
Appendix 1 - 2014 Consolidated Capital Variance Report for the Year-Ended December 31, 2014
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80089.pdf
Appendix 2 - Capital Project to be Closed
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80090.pdf
Appendix 3 - Capital Variance Explanation - Programs/Agencies
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80091.pdf

Motions (City Council)

Motion to Adopt Item (Carried)

Vote (Adopt Item) Jun-11-2015 10:00 AM

Result: Carried Majority Required - EX6.13 - Adopt the item
Total members that voted Yes: 39 Members that voted Yes are Paul Ainslie, Ana Bail„o, Michelle Berardinetti, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Raymond Cho, Josh Colle, Gary Crawford, Joe Cressy, Vincent Crisanti, Janet Davis, Glenn De Baeremaeker, Justin J. Di Ciano, Frank Di Giorgio, Sarah Doucette, Rob Ford, Mary Fragedakis, Mark Grimes, Stephen Holyday, Jim Karygiannis, Norman Kelly, Mike Layton, Chin Lee, Giorgio Mammoliti, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Ron Moeser, Frances Nunziata (Chair), Cesar Palacio, Gord Perks, Jaye Robinson, David Shiner, John Tory, Kristyn Wong-Tam
Total members that voted No: 0 Members that voted No are
Total members that were Absent: 6 Members that were absent are Maria Augimeri, John Filion, Paula Fletcher, James Pasternak, Anthony Perruzza, Michael Thompson

Declared Interests (City Council)

The following member(s) declared an interest:

Councillor James Pasternak - as his spouse works for the Toronto Public Library.

13a - Capital Variance Report for the Year Ended December 31, 2014

Background Information (Committee)
(May 19, 2015) Letter from the Budget Committee on Capital Variance Report for the Year Ended December 31, 2014
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80269.pdf

EX6.13 - Capital Variance Report for the Year Ended December 31, 2014

Decision Type:
ACTION
Status:
Adopted
Wards:
All

Committee Recommendations

The Executive Committee recommends that:

 

1.  City Council receive for information Appendix 2 to the report (April 22, 2015) from the Deputy City Manager and Chief Financial Officer which lists 41 completed capital projects/sub-projects to be closed resulting in a total combined project budget savings of $34.585 million.

Origin

(April 22, 2015) Report from the Deputy City Manager and Chief Financial Officer

Summary

The purpose of this report is to provide Council with the City of Toronto Capital Variance for the year-ended December 31, 2014.  Furthermore, this report identifies the closure of an additional 41 capital projects resulting in a total combined project budget savings of $34.585 million with $24.992 million funded by recoverable debt; $9.484 million funded by Toronto Parking Authority earnings; and $0.109 funded by third party funding.  For all of 2014, the City completed and closed 368 projects resulting in savings of $71.5 million.

 

Capital expenditures for the twelve months ended December 31, 2014 totalled $2.698 billion or 62.8 percent of the 2014 Approved Capital Budget of $4.292 billion (see Table 1).  This spending pattern is consistent with prior years.  

 

For the year-ended December 31, 2014, Tax Supported Programs and Agencies reported capital expenditures of $2.065 billion representing 59 percent of their collective 2014 Approved Capital Budget of $3.500 billion. Rate Supported Programs reported capital expenditures of $632.421 million, representing 79.9 percent of their collective 2014 Approved Capital Budget of $791.946 million.

 

 

Table 1

 

Corporate Capital Variance Summary

for the Period  Ended December 31, 2014

($000s)

 

2014 Approved Budget

Actual Expenditures - January 1 to December 31, 2014

$000s

%

 

 

 

 

Tax Supported

     3,500,236

        2,064,769

59.0

Rate Supported

        791,946

           632,421

79.9

TOTAL

     4,292,182

        2,697,190

62.8

 

 

The rate of spending in 2014 was driven largely by expropriation process delays for the acquisition of various sites, poor weather conditions, longer than planned timelines to obtain necessary approvals or required permits; delays in securing funds from cost-sharing partners; design issues and difficulty in securing necessary resources for project delivery.

 

Background Information

(April 22, 2015) Report from the Deputy City Manager and Chief Financial Officer on Capital Variance Report for the Year Ended December 31, 2014
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80088.pdf
Appendix 1 - 2014 Consolidated Capital Variance Report for the Year-Ended December 31, 2014
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80089.pdf
Appendix 2 - Capital Project to be Closed
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80090.pdf
Appendix 3 - Capital Variance Explanation - Programs/Agencies
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80091.pdf

Motions

1 - Motion to Adopt Item moved by Mayor John Tory (Carried)

Declared Interests

The following member(s) declared an interest:

Councillor James Pasternak - as it pertains to the Capital Variance for Toronto Public Library as his spouse is an employee.

13a - Capital Variance Report for the Year Ended December 31, 2014

Origin
(May 19, 2015) Letter from the Budget Committee
Summary

The purpose of this report is to provide Council with the City of Toronto Capital Variance for the year-ended December 31, 2014. Furthermore, this report identifies the closure of an additional 41 capital projects resulting in a total combined project budget savings of $34.585 million with $24.992 million funded by recoverable debt; $9.484 million funded by Toronto Parking Authority earnings; and $0.109 funded by third party funding. For all of 2014, the City completed and closed 368 projects resulting in savings of $71.5 million.

Capital expenditures for the twelve months ended December 31, 2014 totalled $2.698 billion or

62.8 percent of the 2014 Approved Capital Budget of $4.292 billion (see Table 1). This spending pattern is consistent with prior years.

For the year-ended December 31, 2014, Tax Supported Programs and Agencies reported capital expenditures of $2.065 billion representing 59 percent of their collective 2014 Approved Capital Budget of $3.500 billion. Rate Supported Programs reported capital expenditures of $632.421 million, representing 79.9 percent of their collective 2014 Approved Capital Budget of $791.946 million.

 

                                                            Table 1

 

Corporate Capital Variance Summary

for the Period Ended December 31, 2014

($000s)

 

2014 Approved Budget

Actual Expenditures - January 1 to December 31, 2014

$000s

%

 

 

 

 

Tax Supported

    3,500,236

        2,064,769

59.0

Rate Supported

       791,946

          632,421

79.9

TOTAL

    4,292,182

        2,697,190

62.8

 

The rate of spending in 2014 was driven largely by expropriation process delays for the acquisition of various sites, poor weather conditions, longer than planned timelines to obtain necessary approvals or required permits; delays in securing funds from cost-sharing partners; design issues and difficulty in securing necessary resources for project delivery.

Background Information
(May 19, 2015) Letter from the Budget Committee on Capital Variance Report for the Year Ended December 31, 2014
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-80269.pdf
Source: Toronto City Clerk at www.toronto.ca/council