Item - 2024.EX19.12

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 reallocations of funding sources for prior Approved Capital Budgets, as detailed in Appendix 3 to the report (November 25, 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 nine-month period ended September 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 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 nine-month period ended September 30, 2024, and the projected expenditures by year-end, December 31, 2024.

Table 1: Capital Variance Summary 

The City's actual capital spending for the first nine months of 2024 totals $2.765 billion, or 43.4 percent of the 2024 Approved Capital Budget. This is in line with the experience from the previous year. The projected year-end spending rate of 75.3 percent, based on projections from City Programs and Agencies, closely aligns with last year’s forecast for the same reporting period. Capital spending will continue to be monitored, with updates to be provided in the year-end variance report to reflect annual expenditures.