Item - 2024.EX16.12

The Executive Committee recommends that:

1. City Council approve in-year budget adjustments to the 2024-2033 Approved Capital Budget and Plan, as well as a reallocation of funding sources for 2022 and 2023 Approved Capital Budgets, as detailed in Appendix 3 to the report (July 2, 2024) 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, 2024, as well as the projected 2024 year-end expenditures. Furthermore, this report seeks Council's approval for in-year budget adjustments to previous approved Capital Budget and Plan as outlined in the Appendix 3 of this report.

Table 1 below summarizes the City's 2024 actual capital expenditures compared with the 2024 Approved Capital Budget for the four-month period ended April 30, 2024, and the projected expenditures by December 31, 2024.

Table 1: Capital Variance Summary

The City's actual capital spending through the first four months of 2024 is $844.1 million or 13.6% of the 2024 Approved Capital Budget. This is in line with the seasonal trend of historical spending pattern.  The projected spending rate is 86.1% by year-end based on submissions from City Programs and Agencies. Capital spending will continue to be reviewed with updates provided in future variance reports that will benefit from actual experience over capital intensive months. As more actual delivery materialized over the course of the year, the Programs and Agencies will provide updated spending projections.