Item - 2023.EX10.3
Tracking Status
- City Council adopted this item on December 13, 2023 without amendments and without debate.
- This item was considered by the Executive Committee on December 5, 2023 and adopted without amendment. It will be considered by City Council on December 13, 2023.
EX10.3 - 2024 Tax and Rate Supported Interim Operating and Capital Spending Authorities
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on December 13, 14 and 15, 2023, adopted the following:
1. City Council approve the 2024 Tax and Rate Supported Interim Operating Spending Authorities totalling $4.430 billion as detailed by City Program and Agency in Appendix 1 to the report (November 17, 2023) from the Chief Financial Officer and Treasurer.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2023/ex/bgrd/backgroundfile-240900.pdf
EX10.3 - 2024 Tax and Rate Supported Interim Operating and Capital Spending Authorities
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the 2024 Tax and Rate Supported Interim Operating Spending Authorities totalling $4.430 billion as detailed by City Program and Agency in Appendix 1 to the report (November 17, 2023) from the Chief Financial Officer and Treasurer.
Origin
Summary
The purpose of this report is to establish interim spending authorities for City Programs and Agencies before final municipal approval of the 2024 Operating and Capital Budgets. This will provide the required authority to continue to deliver current services, meet existing contractual commitments, and continue work on previously approved capital projects prior to 2024 budgets approval.
The 2024 Tax and Rate Supported Operating and Capital Budgets are expected to be approved in mid-February of 2024. The budgets will then be uploaded to the City's financial system by the end of March for City programs and Agencies, providing full authority to spend or commit against 2024 approved budgets.
It should be noted that no funding for new/enhanced services or new capital projects, which are subject to budget approval, are included in the recommended 2024 Interim Spending Authorities contained in this report. New funding requests will be considered as part of the 2024 Budget process.
The 2024 Tax and Rate Supported Interim Operating Spending Authorities total $4.430 billion. The 2024 Tax and Rate Supported Interim Capital Spending Authorities total $2.307 billion, including previously approved debenture financing of $0.450 billion.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/ex/bgrd/backgroundfile-240900.pdf