Item - 2023.EX6.5

The Executive Committee recommends that:

1.  City Council approve in-year budget adjustments to the 2023-2032 Adopted Capital Budget and Plan as detailed in Appendix 4 to the report (June 26, 2023) from the Chief Financial Officer and Treasurer.

The purpose of this report is to provide City Council with the City of Toronto capital spending for the four month period ended April 30, 2023, as well as projected expenditures to December 31, 2023. Furthermore, this report seeks Council's approval for in-year budget adjustments to the 2023 Adopted Capital Budget and Plan.

Table 1 below summarizes the City's 2023 actual capital expenditures compared with the 2023 approved capital budget for the period ended April 30, 2023 as well as the projected expenditures by December 31, 2023.

Table 1: Capital Variance Summary

The City's actual capital spending through the first four months of 2023 is $852.5 million or 14.4% of the adopted capital budget of the year. The projected spending rate is 86.2% by year-end based on submissions from City divisions and agencies.