Item - 2025.EX25.9

The Executive Committee recommends that:

1. City Council approve in-year budget adjustments to Previously Approved Capital Budget and Plan, as detailed in Appendix 3 to the report (July 2, 2025) 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, 2025, as well as the projected 2025 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 2025 actual capital expenditures compared with the 2025 Approved Capital Budget for the four-month period ended April 30, 2025, and the projected expenditures by year-end, December 31, 2025.

Table 1: Capital Variance Summary

The City's actual capital spending for the first four months of 2025 totals $1.056 billion, or 17.1 percent of the 2025 Approved Capital Budget. This marks a notable improvement in spending rate compared to the historical average for the same four-month period, which has typically remained below 15 percent and applied against generally smaller capital budgets in the past years. 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 materializes over the course of the year, the Programs and Agencies will provide updated spending projections.