Item - 2020.BU19.6

The Budget Committee recommends to the Executive Committee that:

1. City Council approve in-year budget adjustments to the 2019-2028 Approved Capital Budget and Plan as detailed in Appendix 5 to the report (November 10, 2020) from the Chief Financial Officer and Treasurer that result in no incremental impact on debt financing.

The purpose of this report is to provide City Council with the City of Toronto capital spending for the year ended December 30, 2019. Furthermore, this report seeks Council's approval for in-year budget adjustments to the 2019 Approved Capital Budget that have no impact on 2019 approved debt.

Actual capital expenditures for 2019 totalled $3.772 billion or 66.7 percent of 2019 approved Capital Budget of $5.655 billion. Tax Supported Programs and Agencies reported capital expenditures of $2.780 billion representing 61.4 percent of their collective 2019 approved Capital Budget of $4.526 billion. Rate Supported Programs reported capital expenditures of $991.8 million, representing 87.8 percent of their collective 2019 approved Capital Budget of $1.129 billion.

Table 1 - Capital Variance Summary

*2019 Approved Budget includes $1.909 billion 2018 Carry Forward Funding

The report also details the 233 completed capital projects that have a combined budget of $269.5 million that are ready to be closed. They have been completed under budget, realizing underspending of $17.8 million. The permanent underspending which has associated funding of $0.5 million in Federal Subsidy, $1.5 million in Capital from Current, $6.0 million in debt, $9.5 million in reserves/reserve funds and $0.3 million in Recoverable Debt will be returned to their original Council approved funding sources.