Item - 2023.EX8.2

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 (September 18, 2023) from the Interim Chief Financial Officer and Treasurer.

The purpose of this report is to provide City Council with the City of Toronto capital spending for the Six months period ended June 30, 2023, as well as the year-end 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 Six months period ended June 30, 2023 and the projected expenditures by December 31, 2023.

Table 1: Capital Variance Summary

The City's actual capital spending through the first six months of 2023 is $1.578 billion or 26.5% of the Adopted Capital budget of the year. The projected spending rate is 81.3% by year-end based on submissions from City Programs and Agencies.