Item - 2024.EX16.18

The Executive Committee recommends that:

1. City Council authorize the reallocation of cashflows and corresponding funding within Toronto Water’s 2024 Capital Budget and 2025-2033 Capital Plan in the amount of $29.405 million, for acceleration and deferral of projects, as presented in Schedule A (Parts A and B) to the report (June 21, 2024) from the General Manager, Toronto Water, with a zero Budget impact.

2. City Council authorize the reallocation of project costs, cashflows and corresponding funding in Toronto Water's 2024 Capital Budget and 2025-2033 Capital Plan in the amount of $15.983 million from projects that have been awarded under budget or completed to those requiring additional funding in the same amount as presented in Schedule A (Part C) to the report (June 21, 2024) from the General Manager, Toronto Water, with a zero Budget impact.

This report requests City Council's authority to amend Toronto Water's 2024 Capital Budget and 2025-2033 Capital Plan by adjusting project cash flows contained within the Budget and Plan, respectively, to align forecasted project accelerations and deferrals. Additional reallocations to project cashflows and project costs are requested where project expenditures exceed the current approved cashflows and project costs. These reallocations will allow Toronto Water to continue to deliver projects within its capital plan. The adjustments will have a zero dollar impact on the 2024 Capital Budget and 2025-2033 Capital Plan and will align the budget and plan with Toronto Water's capital project delivery schedule and program requirements.