Item - 2023.EX4.7

The Executive Committee recommends that:

1. City Council authorize the reallocation of cashflows and corresponding funding in the amount of $34.378 million in 2022 for acceleration and deferral of projects within Toronto Water’s Approved 2022 Capital Budget and 2023-2031 Capital Plan, with offsetting acceleration and deferral cashflow and corresponding funding reallocation adjustments in the equal amount in 2023, 2024 and 2025 within Toronto Water's Approved 2023 Capital Budget and 2024-2032 Capital Plan to align with project delivery, as presented in Schedule A (Parts A and B) to the report (April 18, 2023) from the General Manager, Toronto Water, with a zero Budget impact.

2. City Council authorize the reallocation of 2022 cashflows, project costs and corresponding funding in Toronto Water's Approved 2022 Capital Budget and 2023-2031 Capital Plan in the amount of $5.195 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 (April 18, 2023) from the General Manager, Toronto Water, with a zero Budget impact.

This report requests City Council's authority to amend Toronto Water's Approved 2022 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 2022 Capital Budget.

This report requests City Council's authority to amend Toronto Water's Approved 2023 Capital Budget and 2024-2032 Capital Plan by adjusting project costs and cashflows contained within the Budget and Plan, respectively, to align the 2023 Capital Budget and 2024-2032 Capital Plan with the final 2022 capital expenditures and project progress. The adjustments will have a zero dollar impact on the 2023 Capital Budget and 2024-2032 Capital Plan and will align the budget and plan with Toronto Water's capital project delivery schedule and program requirements.