Item - 2024.EX19.8
Tracking Status
- City Council adopted this item on December 17 and 18, 2024 without amendments and without debate.
- This item was considered by the Executive Committee on December 10, 2024 and adopted without amendment. It will be considered by City Council on December 17 and 18, 2024.
EX19.8 - 2025 Tax and Rate Supported Interim Operating and Capital Spending Authorities
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on December 17 and 18, 2024, adopted the following:
1. City Council approve the 2025 Tax and Rate Supported Interim Operating Spending Authorities totalling $7.352 billion as detailed by City Program and Agency in Appendix 1 to the report (November 25, 2024) from the Chief Financial Officer and Treasurer.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2024/ex/bgrd/backgroundfile-250981.pdf
EX19.8 - 2025 Tax and Rate Supported Interim Operating and Capital Spending Authorities
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the 2025 Tax and Rate Supported Interim Operating Spending Authorities totalling $7.352 billion as detailed by City Program and Agency in Appendix 1 to the report (November 25, 2024) from the Chief Financial Officer and Treasurer.
Origin
Summary
The purpose of this report is to establish interim spending authorities in 2025 for City Programs and Agencies before the final adoption of the 2025 Tax and Rate Supported Operating and Capital Budget and Plan. The interim spending authority will allow Programs and Agencies to continue to deliver current services, meet existing contractual commitments, and continue work on previously approved capital projects until such time as the 2025 budgets are adopted. The 2025 Tax and Rate Supported Operating and Capital Budgets are expected to be adopted in February of 2025.
It should be noted that no funding for new or enhanced services or new capital projects, which are subject to budget adoption, are included in the recommended 2025 Interim Spending Authorities contained in this report.
The 2025 Tax and Rate Supported Interim Operating Spending Authorities total $7.352 billion. The 2025 Tax and Rate Supported Interim Capital Spending Authorities total $3.280 billion, including previously approved debenture financing of $0.645 billion.
Background Information
https://www.toronto.ca/legdocs/mmis/2024/ex/bgrd/backgroundfile-250981.pdf