Item - 2023.EX4.4

The Executive Committee recommends that:

1. City Council approve an adjustment to carry forward funding of an additional $360.6 million from unspent capital projects funding as detailed in Appendices 1a and 1b to the report (April 18, 2023) from the Chief Financial Officer and Treasurer, in order to continue work on previously approved capital projects in 2023 and beyond, and that the 2023 Approved Tax and Rate Supported Capital Budgets for respective City Programs and Agencies be adjusted accordingly.

2. City Council approve in-year budget adjustments to the 2022 and future years Approved Tax and Rate Supported Capital Budgets as detailed in Appendix 2 to the report (April 18, 2023) from the Chief Financial Officer and Treasurer.

As part of the 2023 tax and rate supported budget processes, the approved Capital Plan included a combined $1.322 billion of previously approved unspent capital projects to be carried forward to 2023-2027. The approved carry forward amount was based on an initial estimate as per projections available at the time of the budget development, prior to the 2022 year-end closing. With the 2022 fiscal year closed in March 2023, City Programs and Agencies have finalized the 2022 actual project spending as well as the total carry forward request. As a result, the purpose of this report is to seek Council's approval for an additional $360.6 million of tax and rate supported carry-forward funding from 2022 to future years, of which $236.6 million to be carried to 2023 and $124.0 million to 2024 to 2027, to enable staff to complete multi-year capital projects approved in 2022 and prior years. 

With the additional carry forward request, the total capital carry forward funding will be $1.683 billion, and the total adjusted 2023 tax and rate supported Capital Budgets including previously approved carry forward amount will be $5.814 billion. The revised total carry forward funding is equivalent to 28.9% of the total tax and rate supported Capital Budget.

This report also brings forward in-year Capital Budget adjustment requests for 2022 and future years, and the recommended incremental carry forward now take these changes into account. Approval of these requests is needed to provide necessary authority to continue with the project delivery.