Item - 2022.BU46.1

The Budget Committee recommends that:

1. City Council authorize the reallocation of cashflows in the amount of $51.708 million in 2021 for acceleration and deferral of projects within Toronto Water’s approved 2021 Capital Budget and 2022-2030 Capital Plan, with offsetting acceleration and deferral cashflow reallocation adjustments in the equal amount in 2022, 2023 and 2024 within Toronto Water's Approved 2022 Capital Budget and 2023-2031 Capital Plan to align with project delivery, as presented in Schedule A (Part A and B) to the report (March 30, 2022) from the General Manager, Toronto Water, with a zero Budget impact.

2. City Council authorize the reallocation of 2021 cashflows and project costs in Toronto Water's approved 2021 Capital Budget and 2022-2030 Capital Plan in the amount of $2.772 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 (March 30, 2022) from the General Manager, Toronto Water, with a zero Budget impact.

This report requests City Council's authority to amend Toronto Water's Approved 2021 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 2021 Capital Budget.

This report requests City Council's authority to amend Toronto Water's Approved 2022 Capital Budget and 2023-2031 Capital Plan by adjusting project costs and cashflows contained within the Budget and Plan, respectively, to align the 2022 Capital Budget and 2023-2031 Capital Plan with the final 2021 capital expenditures and project progress. The adjustments will have a zero dollar impact on the 2022 Capital Budget and 2023-2031 Capital Plan and will align the budget and plan with Toronto Water's capital project delivery schedule and program requirements.