| 135675 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Operating Variance Report for the Year-Ended December 31, 2023 | 2024.EX16.11 | Y | Y | Y | Y | <p>The report provides City Council with the Operating Variance for the year-ended December 31, 2023. This report also requests City Council's approval for recommended expenditure authority allocations that have no impact on the City's Net Budget.</p>
<p> </p>
<p>The following table summarizes the year-end financial position of the City's Tax-Supported Operations as of December 31, 2023.</p>
<p> </p>
<p>Table 1: Tax-Supported Operating Variance Summary</p>
<p> </p>
<table style="width: 100.0%; border-collapse: collapse; border: none;" width="100%">
<thead>
<tr style="height: 24.45pt;">
<td style="width: 52.4%; border: solid windowtext 1.0pt; border-bottom: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 24.45pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Variance ($Millions)</span></p>
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Favourable / (Unfavourable)</span></p>
</td>
<td style="width: 47.6%; border: solid black 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 24.45pt;" colspan="3" width="47%">
<p style="text-align: center;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">2023 December Year-End</span></p>
</td>
</tr>
</thead>
<tbody>
<tr style="page-break-inside: avoid; height: 19.7pt;">
<td style="width: 52.4%; border: solid windowtext 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 19.7pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Tax Supported Operating Variance Summary </span></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 19.7pt;" width="15%">
<p style="text-align: center;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">Budget</span></p>
</td>
<td style="width: 16.8%; border: solid windowtext 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 19.7pt;" width="16%">
<p style="text-align: center;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">Actual</span></p>
</td>
<td style="width: 14.98%; border: solid windowtext 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 19.7pt;" width="14%">
<p style="text-align: center;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">Var</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: .6pt;">
<td style="width: 52.4%; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: .6pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">City Operations</span></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: .6pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">3,066.6</span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: .6pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">2,972.2</span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: .6pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">94.3</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 10.25pt;">
<td style="width: 52.4%; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Agencies</span></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">2,899.3</span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">2,839.0</span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">60.3</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 10.25pt;">
<td style="width: 52.4%; border-top: none; border-left: solid black 1.0pt; border-bottom: solid windowtext 1.5pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Corporate Accounts</span></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(1,057.8)</span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(311.4)</span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(746.4)</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 10.25pt;">
<td style="width: 52.4%; border: solid windowtext 1.5pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Total Variance</span></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.5pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">4,908.1</span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.5pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">5,499.8</span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.5pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(591.7)</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 2.0pt;">
<td style="width: 52.4%; border-top: none; border-left: solid black 1.0pt; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="52%">
<p><em><span style="font-family: 'Times New Roman',serif; color: windowtext;">Less: Toronto Building and City Planning</span></em></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(6.2)</span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(25.1)</span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">18.9</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 2.0pt;">
<td style="width: 52.4%; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="52%">
<p><em><span style="font-family: 'Times New Roman',serif; color: windowtext;">Less: Obligations and Reserve Allocations </span></em></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;"> </span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(128.6)</span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 2.0pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">128.6 </span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 1.25pt;">
<td style="width: 52.4%; border: solid windowtext 1.5pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 1.25pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Total Adjusted Variance <br /> (Prior to Backstop Funding)</span></p>
</td>
<td style="width: 15.82%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.5pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 1.25pt;" width="15%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;"> </span></p>
</td>
<td style="width: 16.8%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.5pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 1.25pt;" width="16%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;"> </span></p>
</td>
<td style="width: 14.98%; border-top: none; border-left: none; border-bottom: solid windowtext 1.5pt; border-right: solid windowtext 1.5pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 1.25pt;" width="14%">
<p style="text-align: right;"><span style="font-family: 'Times New Roman',serif; color: windowtext;">(739.3)</span></p>
</td>
</tr>
</tbody>
</table>
<p> </p>
<p>As noted in Table 1 above, for the 2023 year-end, Tax-Supported Operations experienced an unfavourable net variance <span style="color: windowtext;">of $739.3 million or 15% of planned expenditures adjusted for Toronto Building, City Planning, obligations and reserve allocations, and prior to backstop funding. </span></p>
<p> </p>
<p>The unfavourable variance is driven entirely by the sustained COVID-19 impacts as a result of lower than budgeted intergovernmental funding support.</p>
<p> </p>
<p>Table 2: 2023 COVID-19 Financial Impacts and Intergovernmental Funding Support</p>
<p> </p>
<table style="border-collapse: collapse; border: none;">
<thead>
<tr style="height: 28.4pt;">
<td style="width: 121.25pt; border: solid black 1.0pt; background: #DEEAF6; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 28.4pt;" width="162">
<p style="text-align: center;"><span style="color: black;">COVID-19 Impacts ($Millions)</span></p>
</td>
<td style="width: 86.55pt; border: solid black 1.0pt; border-left: none; background: #DEEAF6; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 28.4pt;" width="115">
<p style="text-align: center;"><span style="color: black;">2023 Budget</span></p>
</td>
<td style="width: 86.55pt; border: solid black 1.0pt; border-left: none; background: #DEEAF6; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 28.4pt;" width="115">
<p style="text-align: center;"><span style="color: black;"> Fed/Prov Funding </span></p>
</td>
<td style="width: 86.55pt; border: solid black 1.0pt; border-left: none; background: #DEEAF6; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 28.4pt;" width="115">
<p style="text-align: center;"><span style="color: black;">Internal Offsets / Savings</span></p>
</td>
<td style="width: 86.6pt; border: solid black 1.0pt; border-left: none; background: #DEEAF6; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 28.4pt;" width="115">
<p style="text-align: center;"><span style="color: black;">Remaining 2023</span></p>
<p style="text-align: center;"><span style="color: black;">Shortfall</span></p>
</td>
</tr>
</thead>
<tbody>
<tr style="page-break-inside: avoid;">
<td style="width: 121.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="162">
<p>Transit</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">366.4</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;"> </p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">13.2</p>
</td>
<td style="width: 86.6pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">353.2</p>
</td>
</tr>
<tr style="page-break-inside: avoid;">
<td style="width: 121.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="162">
<p>Shelters</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">317.2</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">22.6</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">46.6</p>
</td>
<td style="width: 86.6pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">247.9</p>
</td>
</tr>
<tr style="page-break-inside: avoid;">
<td style="width: 121.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="162">
<p>Other Municipal Pressures</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">161.8</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">18.8</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">4.8</p>
</td>
<td style="width: 86.6pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">138.2</p>
</td>
</tr>
<tr style="page-break-inside: avoid;">
<td style="width: 121.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="162">
<p>Public Health</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">87.4</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">68.5</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;"><span style="color: windowtext;">18.9</span></p>
</td>
<td style="width: 86.6pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">0</p>
</td>
</tr>
<tr style="page-break-inside: avoid;">
<td style="width: 121.25pt; border: solid black 1.0pt; border-top: none; background: #E2EFD9; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="162">
<p>Total COVID-19 Impacts</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; background: #E2EFD9; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">932.8</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; background: #E2EFD9; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">109.9</p>
</td>
<td style="width: 86.55pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; background: #E2EFD9; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;"><span style="color: black;">83.6</span></p>
</td>
<td style="width: 86.6pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; background: #E2EFD9; padding: 5.75pt 5.75pt 5.75pt 5.75pt;" width="115">
<p style="text-align: center;">739.3</p>
</td>
</tr>
</tbody>
</table>
<p> </p>
<p>In 2023, the City continued to experience significant financial impacts, both in the form of added costs and revenue losses due to sustained impact of the COVID-19 pandemic. As a result, the 2023 Operating Budget was balanced based on the expectation of continued support funding from the Government of Canada and Province of Ontario with a total budget amount of $932.8 million.</p>
<p> </p>
<p>At the end of 2023, the City received $109.9 million in intergovernmental funding support, which included<span style="color: windowtext;"> $68.5 million specific to Public Health, $18.8 million for Seniors Services and Long-Term Care and $22.6 million for Toronto Shelter and Support Services. In addition to the intergovernmental funding support, the City achieved $83.6 million in offsets associated with projected COVID-19 impacts compared to budgeted estimates, leaving a $739.3 million shortfall in intergovernmental funding. </span></p>
<p> </p>
<p>As a result of the intergovernmental funding shortfall, the City's backstop strategy will be used to offset the COVID-19 related 2023 operating budget deficit. This includes a $739.3 million draw from the COVID-19 backstop that will leave the backstop fully depleted by the end of 2024.</p>
<p> </p>
<p>Table 3: Rate-Supported Operating Variance Summary</p>
<p> </p>
<table style="width: 471.75pt; border-collapse: collapse; border: none;" width="629">
<thead>
<tr style="height: 16.05pt;">
<td style="width: 229.25pt; border: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 16.05pt;" width="306">
<p><span style="font-family: 'times new roman', times; color: windowtext;">Variance ($Millions)</span></p>
<p><span style="font-family: 'times new roman', times; color: windowtext;">Favourable / (Unfavourable)</span></p>
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<p style="text-align: center;"><span style="color: windowtext; font-family: 'times new roman', times;">2023 December Year-End</span></p>
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<p>Rate Supported Operating Variance Summary</p>
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<p style="text-align: center;"><span style="font-family: 'times new roman', times; color: #000000;">Budget</span></p>
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<p style="text-align: center;"><span style="font-family: 'times new roman', times; color: #000000;">Actual</span></p>
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<p style="text-align: center;"><span style="font-family: 'times new roman', times; color: #000000;">Var</span></p>
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<p>Solid Waste Management Services</p>
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<p style="text-align: right;"><span style="color: #000000;">0.0</span></p>
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<p style="text-align: right;"><span style="color: #000000;">(19.2)</span></p>
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<p style="text-align: right;"><span style="color: #000000;">19.2</span></p>
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<p>Toronto Parking Authority</p>
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<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">(25.4)</span></p>
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<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">(38.0)</span></p>
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<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">12.6</span></p>
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<p>Toronto Water</p>
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<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">0.0</span></p>
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<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">(20.9)</span></p>
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<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">20.9</span></p>
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<p><span style="font-family: 'times new roman', times;">Total Variance </span></p>
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<p style="text-align: right;"><span style="font-family: 'times new roman', times; color: #000000;">(25.4)</span></p>
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<p style="text-align: right;"><span style="font-family: 'times new roman', times; color: #000000;">(78.1)</span></p>
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<p style="text-align: right;"><span style="font-family: 'times new roman', times; color: #000000;">52.7</span></p>
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<p> </p>
<p><span style="color: windowtext;">The favourable year-end variance is driven by all three Rate-Supported Programs: Solid Waste Management, Toronto Parking Authority, and Toronto Water. Solid Waste Management have primarily reported underspending for the year-end, while Toronto Parking and Toronto Water have realized favourable revenues.</span></p>
<p> </p>
<p>Rate-Supported Programs are funded entirely by the user fees that are used to pay for the services provided and the infrastructure to deliver them. Solid Waste Management Services and Toronto Water’s respective year-end surpluses, if any, must be transferred to the Waste Management Reserve Fund and the Wastewater and Water Stabilization Reserves respectively, to finance capital investments and ongoing capital repairs and maintenance.</p> | 16 | 11 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Adopted | Main | Committee | … | … | … | … | … | … | … | … | … | … | … | … | ACTION | true | Adopted | … | … | … | … | — | — | — | — | — | — | — | — | — |