Item - 2024.EX19.16

The Executive Committee:

1. Received the report (November 20, 2024) from the Chief Financial Officer and Treasurer for information.

Development charges are collected from new development and redevelopment projects for the purpose of recovering growth-related capital infrastructure costs. This report provides a statement of development charge (DC) balances and activity for 2023, as required by the Development Charges Act, 1997 (DC Act).

For the fiscal year ended December 31, 2023, the City collected $801.3 million of development charge contributions and earned interest of $57.7 million on its DC balances. This is offset by $466.9 million in earned revenue that was recognized to fund growth-related capital expenditures. As a result of these activities, the DC deferred revenue balance increased by $391.2 million from the prior year to reach $3,106.0 million at December 31, 2023. This amount is reported as deferred revenue in the City's audited consolidated financial statements.

The 10-Year Capital Budget and Plan includes $6,393.7 million in DC commitments and obligations to be funded through the City’s DC deferred revenue balances and forecasted future DC collections. Additionally, there is over $6 billion in further DC eligible projects that are not currently included in the City’s 10-Year Capital Plan and will continue to be considered for inclusion as part of future year capital budget processes.