Item - 2025.EX26.3

The Executive Committee recommends that:

1. City Council approve in-year budget adjustments to Previously Approved Capital Budget and Plan, as detailed in Appendices 2a and 2b to the report (September 15, 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 six-month period ended June 30, 2025, as well as the projected 2025 year-end expenditures. Furthermore, this report seeks Council's approval for in-year budget adjustments to the previously approved Capital Budget and Plan as outlined in Appendix 2a and Appendix 2b of this report.

Table 1 below summarizes the City's 2025 actual capital expenditures compared with the 2025 Approved Capital Budget for the six-month period ended June 30, 2025, and the projected expenditures by year-end, December 31, 2025.

Table 1: Capital Variance Summary

*Note: Includes carry forward funding

The City's actual capital spending for the first six months of 2025 totals $1.850 billion, or 29.6% of the 2025 Approved Capital Budget. This marks an improvement in spending rate compared to the historical average for the same six-month period, which has typically remained below 27%. Capital spending will continue to be monitored, with updates provided in future variance reports.