| 135669 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Acceleration of the State of Good Repair Design-Build Contract for the F.G. Gardiner Expressway Rehabilitation Section 2 - Dufferin Street to Strachan Avenue and Enhanced Congestion Management Measures | 2024.EX16.1 | Y | Y | Y | Y | <p>Further to City Council's previous consideration in June 2024 <a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.CC19.2">(CC19.2)</a> the Chief Engineer and Executive Director, Engineering and Construction Services, General Manager, Transportation Services, and the Chief Procurement Officer will be submitting a report as soon as more information is available that provides an update on the State of Good Repair Design-Build Contract for the F.G. Gardiner Expressway Rehabilitation Section 2 - Dufferin Street to Strachan Avenue, Contract Number 22ECS-BE-01GE (the "Gardiner Section 2 Contract") including the results of the industry expert workshops held on June 11 and 12, 2024, as well as negotiations with the current contractor, on a plan that includes tangible, implementable measures to advance construction acceleration and enhanced congestion management measures.</p> | 16 | 1 | CMMTTEE | EX | 10 - Spadina - Fort York | N | 1721793600000 | … | Report | ACTION | Adopted | Main | Committee | … | … | … | … | … | … | … | … | … | … | … | … | ACTION | true | Adopted | … | … | … | … | — | — | — | — | — | — | — | — | — |
| 135674 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Update on the Reallocation of Funding from the Provincial Upload of the F.G. Gardiner Expressway and Don Valley Parkway | 2024.EX16.2 | Y | Y | Y | Y | <p>On December 13, 2023, City Council approved in principle the terms of the Ontario-Toronto New Deal Agreement (the New Deal), which enables significant infrastructure investment in the City. The New Deal committed the City to funding and delivering growth infrastructure to advance transit and housing priorities, and also created the opportunity to invest in aging infrastructure through the upload of the F.G. Gardiner Expressway (Gardiner) and Don Valley Parkway (DVP) to the Province. Subject to a third-party due diligence assessment, the upload of the Gardiner and DVP allows for approximately $1.9 billion to be re-invested in existing and unfunded City infrastructure priorities over the next 10-year planning period.</p>
<p> </p>
<p>This report identifies areas in the City that require a significant state of good repair (SOGR) investment, consistent with the funding gaps identified in the City's 2024 Corporate Asset Management Plan (<a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.EX14.6">EX14.6</a>), and prior SOGR reporting to Council. The report also highlights funding obligations from the New Deal that require investment, which will be supported from the reallocated expressway funding such as the Broadview Eastern Flood Protection (BEFP) project for advancing Transit-Oriented Communities, and the City's commitment to advancing housing development to support provincial economic development and growth.</p>
<p> </p>
<p>The report seeks endorsement of the plan to reallocate funding from the Gardiner and DVP to the following priority areas: Toronto Transit Commission (TTC) base system, Housing SOGR and infrastructure development, Parks, Forestry and Recreation (PFR) SOGR, Transportation Services SOGR, Corporate Real Estate Management (CREM) SOGR, and to the Broadview Eastern Flood Protection (BEFP) project. The Executive Director, Financial Planning, and the Chief Financial Officer and Treasurer will work with relevant City Divisions and Agencies, supported by the Capital Prioritization Framework for capital planning to invest in priority infrastructure renewal projects over the entire 10 year planning period through the 2025 Budget process.</p> |
| 135663 | REPORT | N | N | MAIN | ACTION | AMENDED | N | Subway Agreement in Principle and Update on Metrolinx Subway Program - Third Quarter 2024 | 2024.EX16.3 | Y | Y | Y | Y | <p>The Province of Ontario's Subway Program, being delivered by Metrolinx, is a significant transit expansion project within the City of Toronto. The Subway Program consists of the Ontario Line, Scarborough Subway Extension, Eglinton Crosstown West Extension, and Yonge North Subway Extension projects.</p>
<p> </p>
<p>In February 2020, the Province and the City negotiated a Preliminary Agreement (PA) for the Subway Program, amongst other matters. The PA outlined high-level roles and responsibilities of the City and Province in the planning, delivery, and operations of the Subway Program. As the Province continues to advance the Subway Program, through its delivery agent Metrolinx, there is a need to develop and execute a Subway Agreement-in-Principle (AIP) that enhances the principles outlined within the PA to further guide the ongoing design and delivery of the Subway Program.</p>
<p> </p>
<p>Negotiations on the Subway Program AIP are ongoing and will conclude imminently. As such, the purpose of this report is to note that City staff will provide a supplementary report with the details on the outcome of negotiations as soon as possible.</p>
<p> </p>
<p>The supplementary report to Executive Committee will provide an update on four key items related to the Subway Program, namely:</p>
<p> </p>
<p style="padding-left: 30px;">1. Subway Agreement-in-Principle;</p>
<p style="padding-left: 30px;"> </p>
<p style="padding-left: 30px;">2. Settlement of the transit ledger in accordance with the terms of the Ontario-Toronto New Deal;</p>
<p style="padding-left: 30px;"> </p>
<p style="padding-left: 30px;">3. Scarborough Subway Extension-Eglinton East LRT overbuild protections; and,</p>
<p style="padding-left: 30px;"> </p>
<p style="padding-left: 30px;">4. Update on the status of the Subway Program projects.</p> | 16 |
| 135876 | REPORT | N | Y | SUPPL | ACTION | NO_ACTN | N | Subway Agreement in Principle and Update on Metrolinx Subway Program - Third Quarter 2024 | 2024.EX16.3a | Y | Y | Y | Y | <p>The Province of Ontario's Subway Program, being delivered by Metrolinx, is a significant transit expansion project within the City of Toronto. The Subway Program consists of the Ontario Line, Scarborough Subway Extension, Eglinton Crosstown West Extension, and Yonge North Subway Extension projects. This report provides City Council with an update on four key items related to the Subway Program, namely:</p>
<p> </p>
<p style="padding-left: 30px;">1. Subway Agreement-in-Principle;</p>
<p style="padding-left: 30px;">2. Settlement of the transit ledger in accordance with the terms of the Ontario-Toronto New Deal;</p>
<p style="padding-left: 30px;">3. Scarborough Subway Extension-Eglinton East LRT Kennedy Station interface; and,</p>
<p style="padding-left: 30px;">4. Update on the status of the Subway Program projects.</p>
<p> </p>
<p>1. Subway Agreement-in-Principle</p>
<p> </p>
<p>In February 2020, the Province and the City negotiated a Preliminary Agreement (PA) for the Subway Program, amongst other matters. The PA outlined high-level roles and responsibilities of the City and Province in the planning, delivery, and operations of the Subway Program. As the Province continues to advance the Subway Program, through its delivery agent Metrolinx, there is a need to develop and execute a Subway Agreement in Principle (AIP) that enhances the principles outlined within the PA to further guide the ongoing design and delivery of the Subway Program.</p>
<p> </p>
<p>As such, this report is seeking City Council authority to execute a binding Subway AIP with the Province of Ontario, based on the terms outlined in Attachment 1. The AIP is intended to provide a clear understanding and agreement between the City and the Province on respective roles and responsibilities, authorities, funding responsibilities, ownership, and approvals that are crucial to the implementation of the Subway Program. Subject to City Council approval, the AIP will provide a framework for continued engagement between the City and the Province, as well as the TTC and Metrolinx, and will provide the basis from which a detailed Subway Main Agreement and additional ancillary agreements can be negotiated and executed by City staff in consultation with the TTC.</p>
<p> </p>
<p>2. Transit Ledger Clearing</p>
<p> </p>
<p>This report also seeks authority to negotiate and execute an agreement with the Province of Ontario to settle claims and clear the ledger on historical transit costs. The costs the City has sought to recover from the Province for planning and design work on the extension and development of new subway lines (prior to the upload of the Provincial Transit Priority projects) are of the same order of magnitude as the costs the Province has sought to recover from the City for work related to Metrolinx projects. Therefore, as a term of the New Deal Agreement, both the Province and the City of Toronto have agreed to settle their claims to support the shared commitment to advance the delivery of transit projects in the City. The settlement of these claims, that for both the City and the Province are of the same order of magnitude, reflect a change in accounting treatment and do not have a material impact to the City’s overall net financial position. A summary of these settled amounts is provided under Confidential Attachment 1.</p>
<p> </p>
<p>3. Scarborough Subway – Eglinton East LRT Kennedy Station Interface</p>
<p> </p>
<p>In December 2023, through EX10.17, City Council authorized City staff to execute the necessary agreements with Metrolinx to advance only the design of the Scarborough Subway Extension (SSE) tunnel box structure in order to protect for the Eglinton East Light Rail Transit (EELRT) Kennedy Station overbuild (Overbuild), at a cost of up to the maximum amount outlined in Confidential Attachment 2 to that report (EX10.17).</p>
<p> </p>
<p>On May 31, 2024, the Ministry of Transportation (MTO) requested formal written confirmation from the City that the City would fund the costs of both the design and delivery of the Overbuild, as well as the associated delay costs to the SSE, as provided by Metrolinx and outlined in Confidential Attachment 2 to this report, no later than July 31, 2024. City staff subsequently met with Metrolinx to further clarify and confirm how the cost estimate was derived, its breakdown, risk assumptions, and anticipated cash flow according to the stages of the EELRT Overbuild protection delivery process.</p>
<p> </p>
<p>In parallel, City staff explored alternative options that removed structural dependency on the SSE tunnel box while achieving the same design and operations requirements as the design with the Overbuild. A potentially viable alternative has emerged (i.e., Option 2 as described in this report and in Confidential Attachment 2). Additional work is required to confirm the feasibility, costs and risks of Option 2. Confidential Attachment 2 also provides the benefits, and risks associated with Option 2.</p>
<p> </p>
<p>Given the significant costs of delivering the Overbuild (Option 1), along with the fact that the EELRT is at 10% design, and full funding for its construction has not been secured, City staff do not recommend committing to the costs of the Overbuild at this time. However, to ensure a responsible intergovernmental approach to transit expansion, this report seeks City Council approval for staff to continue discussions with Metrolinx and the Province of Ontario to explore options that provide appropriate transit network integration between the EELRT and the SSE.</p>
<p> </p>
<p>4. Subway Program Update</p>
<p> </p>
<p>Attachment 3 provides updates on procurement, design, construction, and engagement milestones achieved by Metrolinx since City staff last reported to City Council on the full Subway Program in June 2023 and addresses related City Council directives that request bi-annual reports to Council on the overall Subway Program.</p> |
| 135477 | REPORT | N | N | MAIN | ACTION | REFERRED | N | Proposed Land Lease for the Somali Centre for Culture and Recreation | 2024.EX16.4 | Y | Y | Y | Y | <p>The purpose of this report is to provide an update to City Council on the non-binding discussions between CreateTO, City staff and the principals of the Somali Centre for Culture and Recreation (the "SCCR") regarding a proposed land lease (the "Land Lease") for a portion of City-owned 30 Mulham Place (the "Subject Property") and to obtain authority thereof. The Subject Property, also known as Buttonwood Park, is a 4.3 hectare (10.63 acres) park near Royal York Road and Eglinton Avenue West featuring an outdoor artificial ice rink (operating as tennis courts in the off-season), a children's playground, large open green space and mature trees.</p>
<p> </p>
<p>At the direction of City Council, CreateTO, in consultation with City staff, and the SCCR have completed a feasibility study to identify potential sites for a proposed community centre and are recommending advancing the Subject Property as the site for the proposed development, which will serve the community as a whole, while providing a focus on serving the Somali community in particular.</p>
<p> </p>
<p>The Somali community has been working for decades to identify a location in order to build a new community centre with the goal to address the gap in services available to the broader Somali community. The Subject Property provides a location near, and accessible to, much of Toronto's Somali population and can also be developed to service local community recreation needs. Through this opportunity, the City will require programs, services, and facilities that appeal to and be available to the broader public. This would be secured through a Community Access Agreement which will work as a companion document to the Land Lease. Equity deserving communities confront difficulties in terms of travel time to access vital services, a lack of recreational services, neighbourhood improvement projects, and affordable spaces for community and cultural events. The proposed community centre will be a valuable resource to improve vital services to all communities in the surrounding neighbourhoods.</p> |
| 135679 | REPORT | N | N | MAIN | ACTION | AMENDED | N | Ontario Science Centre Update | 2024.EX16.5 | Y | Y | Y | Y | <p>Further to City Council's direction in June 2024 (<a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.MM19.25">MM19.25</a>), the City Manager will be submitting a report to Executive Committee before its meeting on July 16, 2024 that provides an update on City staff's preliminary work related to the future of the Ontario Science Centre (OSC).</p> | 16 | 5 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Amended | Main | Committee | … | … | … | … | … | … | … | … |
| 135875 | REPORT | N | N | SUPPL | ACTION | NO_ACTN | N | Ontario Science Centre Update | 2024.EX16.5a | Y | Y | Y | Y | <p>This report provides an update on City staff's preliminary work related to the future of the Ontario Science Centre (OSC) in response to City Council's request at its meeting of June 26, 2024. Further to City Council's direction, the report includes an overview of:</p>
<p> </p>
<p style="padding-left: 30px;">- the provincial requirements in the lease with the City and the Toronto and Region Conservation Authority (TRCA) to operate the Ontario Science Centre at the Don Mills and Eglinton site; </p>
<p style="padding-left: 30px;"> </p>
<p style="padding-left: 30px;">- the feasibility of the City operating the Science Centre at its current location, including an assessment of potential revenues from event rentals; and</p>
<p style="padding-left: 30px;"> </p>
<p style="padding-left: 30px;">- the November 29, 2023, Provincial business case for the Ontario Science Centre relocation and the December 6, 2023 Office of the Auditor General of Ontario Value-for-Money Audit: Science Centres (2023), which evaluated the November business case.</p>
<p> </p>
<p>The City, the TRCA and the Province (through the OSC agency) entered into a 99-year nominal lease commencing July 1, 1965, with the City and TRCA leasing their respective interests in the OSC Site to the Province. Two of the three OSC buildings (Tower and Valley Buildings) reside on TRCA property, while a majority of the third (the Reception Building) and on-site parking facilities are on City-owned lands. The lease restricts the Province’s permitted use of the OSC Site to a science centre but does not obligate the operation of one. Provincial obligations in the event that the Province wishes to terminate the lease early are not specified and would require the City, TRCA and Province to negotiate a termination agreement.</p>
<p> </p>
<p>Publicly available information regarding the OSC’s operations and financial performance indicate that even with a substantial annual provincial operating grant, the OSC was operating at a financial loss. The OSC also requires significant capital investment to be returned to a state of good repair that would allow for continued operation of the facility. Based on this information and preliminary analysis by staff, it does not appear the City alone could sustainably fund and maintain the operations of the OSC under the current conditions.</p>
<p> </p>
<p>The most recent engineering report commissioned by the Province, the provincial business case for the OSC’s relocation to Ontario Place, and the Auditor General of Ontario’s subsequent Value-for-Money Audit indicate that while the OSC requires significant State of Good Repair (SOGR) work, including some that is critical and urgent, other options beyond the immediate full closure of the OSC were available to the Province. Further, the Auditor General of Ontario noted “that the recent relocation decision was not fully informed and based on preliminary and incomplete costing information”<span style="font-size: 10pt;">[1]</span>. City staff do not have access to full information on the factors that led to the Province’s decision to relocate the OSC and thus are unable to provide independent analysis on the merits of this decision.</p>
<p> </p>
<p>Further discussions with the Province and the TRCA are required to understand the Province’s obligations and intentions with respect to the current Site, and to explore opportunities to maintain science programming in the Flemingdon Park and Thorncliffe Park communities.</p>
<p> <br /><span style="font-size: 10pt;"><a href="https://www.auditor.on.ca/en/content/annualreports/arreports/en23/AR_sciencecentres_en23.pdf">[1] https://www.auditor.on.ca/en/content/annualreports/arreports/en23/AR_sciencecentres_en23.pdf</a></span></p> |
| 135654 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Transmittal of the 519 Board of Management General By-law No.2 | 2024.EX16.6 | Y | Y | Y | Y | <p>The purpose of this report is to transmit General By-law No.2 of The 519 Church Street Community Centre Board of Management (The 519) for consideration by Executive Committee and City Council, as required by previous Council direction and the Relationship Framework for the City of Toronto and the Boards of Management of the Association of Community Centres (AOCCs).</p>
<p> </p>
<p>The Relationship Framework provides that Council consider AOCC Boards of Management requests to amend Chapter 25, other by-laws, Council policies or existing governance structures, and that requests to amend them be submitted to the City Manager for transmittal to the appropriate Committee of Council. In 2011, City Council also required Council approval of Board by-laws of all agencies that regulate the conduct of the business and affairs of the agency.</p>
<p> </p>
<p>In accordance with these requirements, the Chair of The 519 Board of Management has transmitted to the City the Board approved General By-law No. 2, containing its revised governance and procedural policies provided here in Attachments 1, 2 and 3 to this report.</p>
<p> </p>
<p>The Board of Management of The 519 seeks City Council's approval of proposed General By-law No.2 that sets out governance principles of the Agency and its revised board procedure by-law. The 519 has updated its procedure by-law to reflect City of Toronto Act, 2006 and City requirements, and to expand The 519's Catchment Area as endorsed by its membership in order to serve its broader community.</p> | 16 | 6 | CMMTTEE | EX | All | N |
| 135615 | REPORT | N | N | MAIN | ACTION | WO_RECS | Y | 100 Thorncliffe Park Drive - Development Charges Complaint | 2024.EX16.7 | Y | Y | Y | Y | <p>This report responds to a complaint filed pursuant to Section 20 of the Development Charges Act, 1997 (the "DC Act"), relating to a development project located at 100 Thorncliffe Park Drive in Don Valley West.</p>
<p> </p>
<p>The development project is an expansion of the current building, which consists of a two-storey addition totalling 1,502.95 square meters of gross floor area (GFA). The complainant, 2613815 Ontario Inc., objects to the amount of development charges calculated. The complainant asserts that development charges in the amount of $400,147.13 should be refunded as all new GFA as contained within the first level of the expansion is for industrial uses.</p>
<p> </p>
<p>City staff have reviewed the complaint and are of the opinion that the Development Charges By-law (the "DC By-law") was applied properly, and no error was made in the determination of the applicable development charges. Staff have reviewed the building permit application along with the documentation submitted by the complainant, and believe the expansion was correctly categorized as commercial retail use. The development does not meet the definition of industrial uses; therefore, development charges are not exempt.</p>
<p> </p>
<p>This report recommends that the complaint be dismissed. A decision or a non-decision of Council to dismiss the complaint may be appealed to the Ontario Land Tribunal (OLT). This report was prepared in consultation with the (Acting) Chief Building Official and Executive Director, Toronto Building, and the City Solicitor.</p> | 16 | 7 | CMMTTEE | EX | 15 - Don Valley West |
| 135664 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Considerations for Implementing a New Multi-Residential Property (Municipal Reduction) Tax Subclass | 2024.EX16.8 | Y | Y | Y | Y | <p>As part of the <a href="https://budget.ontario.ca/2024/index.html">2024 Ontario Budget</a>, the Provincial government announced that municipalities now have the ability to offer an optional reduced municipal property tax rate specifically for new multi-residential developments, whose units have been built or converted from a non-residential use. This measure mainly intends to support the development of much needed purpose-built rental housing and is aligned with the City of Toronto’s efforts to incentivize the creation of new purpose-built rental homes, including rent-controlled and affordable rental homes.</p>
<p> </p>
<p><a href="https://www.ontario.ca/laws/regulation/r24140">Ontario Regulation 140/24</a> was filed to create an optional New Multi-Residential Property (Municipal Reduction) Subclass. Should a subclass be introduced, it would not apply to existing new multi-residential class properties, those currently under construction, or those with pre-existing permits. Rather, future purpose-built properties could be offered a property tax discount of up to 35% of the municipal portion of the existing New Multi-Residential Property Class rate. In the City of Toronto, that rate is currently the same as the residential property tax rate.</p>
<p> </p>
<p>At its meeting on April 9, 2024, while considering Item “<a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.EX13.17">EX13.17 – Tax Fairness for New, Purpose-Built Rental</a>, the Executive Committee requested the Chief Financial Officer and Treasurer report back on legislative changes related to property taxes levied on multi-residential properties, with the objective of fair taxation across multi-residential typologies. This report provides information related to the newly proposed optional New Multi-Residential Property Subclass and the requirements for the City to adopt a subclass. Any potential recommendations to introduce a subclass will be brought forward for Council’s consideration during the 2025 budget process in the annual Property Tax Related Matters report.</p> |
| 135585 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Association of Community Centres Settlement of Operating Results for Year Ended 2022 | 2024.EX16.9 | Y | Y | Y | Y | <p>On an annual basis, the City of Toronto receives the audited financial statements from 10 community centres which collectively are known as the City's Association of Community Centres (AOCCs). The audited financial statements assist the City to determine whether operating grant payments need to be provided to or clawed back from the AOCCs to settle their operating deficits or surpluses. The audited financial statements are based on the Public Sector Accounting Board (PSAB) requirements for government not-for-profit entities while the operating deficits or surpluses align with the modified cash basis of accounting.</p>
<p> </p>
<p>This report recommends settlement with the Association of Community Centres for 2022 based on their audited financial results as of December 31, 2022. </p>
<p> </p>
<p>While normally the prior year end settlement reports for both Association of Community Centres and Arena Boards are submitted together to Council in the following year, the 2022 settlement reports were delayed due to delays in completing the 2022 audits for the Arena Boards. City staff will present the 2023 Settlement Reports at the first opportunity to the City Council for consideration and approval.</p> | 16 | 9 | CMMTTEE | EX | All | N | 1721793600000 | … | Report |
| 135621 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Capital Variance Report for the Twelve Months Ended December 31, 2023 | 2024.EX16.10 | Y | Y | Y | Y | <p>The purpose of this report is to provide City Council with the City of Toronto’s capital spending for the twelve-month period ended December 31, 2023. Furthermore, this report seeks Council's approval for in-year budget adjustments to the 2023 Approved Capital Budget and Plan to align with the year-end funding requirements.</p>
<p> </p>
<p>As illustrated in Table 1 below, the City's 2023 capital expenditure was $4.219 billion or 71.4% of the 2023 Approved Capital Budget of $5.911 billion for the period ended December 31, 2023.</p>
<p> </p>
<p style="padding-left: 30px;">- Tax Supported City Programs and Agencies reported capital expenditures of $2.994 billion representing 68.8% of their collective 2023 Approved Capital Budget of $4.349 billion.</p>
<p style="padding-left: 30px;"> </p>
<p style="padding-left: 30px;">- Rate Supported City Programs reported capital expenditures of $1.225 billion, representing 78.5% of their collective 2023 Approved Capital Budget of $1.561 billion. </p>
<p style="padding-left: 30px;"> </p>
<p>Table 1: Capital Variance Summary</p>
<p> </p>
<table style="width: 407.65pt; border-collapse: collapse;" width="544">
<tbody>
<tr style="height: 12.15pt;">
<td style="width: 407.65pt; border-top: solid windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-bottom: none; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" colspan="4" width="544">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">Table 1</span></p>
</td>
</tr>
<tr style="height: 11.75pt;">
<td style="width: 407.65pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: none; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 11.75pt;" colspan="4" width="544">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">Corporate Capital Variance Summary</span></p>
</td>
</tr>
<tr style="height: 12.45pt;">
<td style="width: 407.65pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.45pt;" colspan="4" width="544">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">for the Period Ended December 31, 2023</span></p>
</td>
</tr>
<tr style="height: 23.5pt;">
<td style="width: 123.6pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 23.5pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;"> </span></p>
</td>
<td style="width: 128.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 23.5pt;" width="172">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">2023 Approved</span></p>
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;"> Budget*</span></p>
</td>
<td style="width: 155.35pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 23.5pt;" colspan="2" width="207">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">2023 YE Actual<br /> Expenditures</span></p>
</td>
</tr>
<tr style="height: 12.15pt;">
<td style="width: 123.6pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;"> </span></p>
</td>
<td style="width: 128.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="172">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">$M</span></p>
</td>
<td style="width: 75.3pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="100">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">$M</span></p>
</td>
<td style="width: 80.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="107">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">%</span></p>
</td>
</tr>
<tr style="height: 12.15pt;">
<td style="width: 123.6pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid silver 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;">City Operations</span></p>
</td>
<td style="width: 128.65pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="172">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">2,609.2</span></p>
</td>
<td style="width: 75.3pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,523.6</span></p>
</td>
<td style="width: 80.0pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="107">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">58.4%</span></p>
</td>
</tr>
<tr style="height: 12.15pt;">
<td style="width: 123.6pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid silver 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;">Agencies</span></p>
</td>
<td style="width: 128.65pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="172">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,740.0</span></p>
</td>
<td style="width: 75.3pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,470.8</span></p>
</td>
<td style="width: 80.0pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="107">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">84.5%</span></p>
</td>
</tr>
<tr style="height: 11.75pt;">
<td style="width: 123.6pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 11.75pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;">Tax Supported:</span></p>
</td>
<td style="width: 128.65pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 11.75pt;" width="172">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">4,349.2</span></p>
</td>
<td style="width: 75.3pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 11.75pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">2,994.3</span></p>
</td>
<td style="width: 80.0pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 11.75pt;" width="107">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">68.8%</span></p>
</td>
</tr>
<tr style="height: 12.15pt;">
<td style="width: 123.6pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;">Rate Supported:</span></p>
</td>
<td style="width: 128.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="172">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,561.2</span></p>
</td>
<td style="width: 75.3pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,225.1</span></p>
</td>
<td style="width: 80.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="107">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">78.5%</span></p>
</td>
</tr>
<tr style="height: 12.7pt;">
<td style="width: 123.6pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.7pt;" width="165">
<p><span style="font-size: 10.0pt; color: black;">TOTAL</span></p>
</td>
<td style="width: 128.65pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.7pt;" width="172">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">5,910.5</span></p>
</td>
<td style="width: 75.3pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.7pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">4,219.4</span></p>
</td>
<td style="width: 80.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.7pt;" width="107">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">71.4%</span></p>
</td>
</tr>
<tr style="height: 12.15pt;">
<td style="width: 252.3pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" colspan="2" width="336">
<p><em><span style="font-size: 10.0pt; color: windowtext;">*Note: Includes 2022 carry forward funding </span></em></p>
</td>
<td style="width: 75.3pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="100"> </td>
<td style="width: 80.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.15pt;" width="107"> </td>
</tr>
</tbody>
</table>
<p> </p>
<p>The City's actual capital delivery in 2023 has improved from the average expenditure of $3.65 billion from 2019-2022 to $4.22 billion. In 2023, City Programs and Agencies enhanced budget planning and process management, including improving clarity and accountability in project execution and implementation, streamlining business planning processes, and improving decision-making. These actions along with improvements in the supply chain and other market conditions contributed to the on-time delivery or acceleration of capital projects. As a result, the City has achieved a spending rate of 71.4% in 2023, which is greater than the 2019-2022 average of 68%, with an aim for continued improvements in the coming years. </p> |
| 135675 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Operating Variance Report for the Year-Ended December 31, 2023 | 2024.EX16.11 | Y | Y | Y | Y | <p>The report provides City Council with the Operating Variance for the year-ended December 31, 2023. This report also requests City Council's approval for recommended expenditure authority allocations that have no impact on the City's Net Budget.</p>
<p> </p>
<p>The following table summarizes the year-end financial position of the City's Tax-Supported Operations as of December 31, 2023.</p>
<p> </p>
<p>Table 1: Tax-Supported Operating Variance Summary</p>
<p> </p>
<table style="width: 100.0%; border-collapse: collapse; border: none;" width="100%">
<thead>
<tr style="height: 24.45pt;">
<td style="width: 52.4%; border: solid windowtext 1.0pt; border-bottom: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 24.45pt;" width="52%">
<p><span style="font-family: 'Times New Roman',serif; color: windowtext;">Variance ($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>
</td>
<td style="width: 242.5pt; border: solid black 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 16.05pt;" colspan="3" width="323">
<p style="text-align: center;"><span style="color: windowtext; font-family: 'times new roman', times;">2023 December Year-End</span></p>
</td>
</tr>
</thead>
<tbody>
<tr style="page-break-inside: avoid; height: 1.0pt;">
<td style="width: 229.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 1.0pt;" width="306">
<p>Rate Supported Operating Variance Summary</p>
</td>
<td style="width: 86.9pt; 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: 1.0pt;" width="116">
<p style="text-align: center;"><span style="font-family: 'times new roman', times; color: #000000;">Budget</span></p>
</td>
<td style="width: 100.75pt; 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: 1.0pt;" width="134">
<p style="text-align: center;"><span style="font-family: 'times new roman', times; color: #000000;">Actual</span></p>
</td>
<td style="width: 54.85pt; 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: 1.0pt;" width="73">
<p style="text-align: center;"><span style="font-family: 'times new roman', times; color: #000000;">Var</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 17.05pt;">
<td style="width: 229.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 17.05pt;" width="306">
<p>Solid Waste Management Services</p>
</td>
<td style="width: 86.9pt; 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: 17.05pt;" width="116">
<p style="text-align: right;"><span style="color: #000000;">0.0</span></p>
</td>
<td style="width: 100.75pt; 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: 17.05pt;" width="134">
<p style="text-align: right;"><span style="color: #000000;">(19.2)</span></p>
</td>
<td style="width: 54.85pt; 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: 17.05pt;" width="73">
<p style="text-align: right;"><span style="color: #000000;">19.2</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 17.05pt;">
<td style="width: 229.25pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 17.05pt;" width="306">
<p>Toronto Parking Authority</p>
</td>
<td style="width: 86.9pt; 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: 17.05pt;" width="116">
<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">(25.4)</span></p>
</td>
<td style="width: 100.75pt; 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: 17.05pt;" width="134">
<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">(38.0)</span></p>
</td>
<td style="width: 54.85pt; 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: 17.05pt;" width="73">
<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">12.6</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 17.05pt;">
<td style="width: 229.25pt; 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: 17.05pt;" width="306">
<p>Toronto Water</p>
</td>
<td style="width: 86.9pt; 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: 17.05pt;" width="116">
<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">0.0</span></p>
</td>
<td style="width: 100.75pt; 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: 17.05pt;" width="134">
<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">(20.9)</span></p>
</td>
<td style="width: 54.85pt; 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: 17.05pt;" width="73">
<p style="text-align: right;"><span style="color: #000000; font-family: 'times new roman', times;">20.9</span></p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 17.05pt;">
<td style="width: 229.25pt; 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: 17.05pt;" width="306">
<p><span style="font-family: 'times new roman', times;">Total Variance </span></p>
</td>
<td style="width: 86.9pt; 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: 17.05pt;" width="116">
<p style="text-align: right;"><span style="font-family: 'times new roman', times; color: #000000;">(25.4)</span></p>
</td>
<td style="width: 100.75pt; 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: 17.05pt;" width="134">
<p style="text-align: right;"><span style="font-family: 'times new roman', times; color: #000000;">(78.1)</span></p>
</td>
<td style="width: 54.85pt; 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: 17.05pt;" width="73">
<p style="text-align: right;"><span style="font-family: 'times new roman', times; color: #000000;">52.7</span></p>
</td>
</tr>
</tbody>
</table>
<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> |
| 135671 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Capital Variance Report for the Four Months Ended April 30, 2024 | 2024.EX16.12 | Y | Y | Y | Y | <p>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, 2024, as well as the projected 2024 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 the Appendix 3 of this report.</p>
<p> </p>
<p>Table 1 below summarizes the City's 2024 actual capital expenditures compared with the 2024 Approved Capital Budget for the four-month period ended April 30, 2024, and the projected expenditures by December 31, 2024.</p>
<p> </p>
<p>Table 1: Capital Variance Summary</p>
<p> </p>
<table style="width: 487.0pt; border-collapse: collapse;" width="649">
<tbody>
<tr style="height: 13.2pt;">
<td style="width: 487.0pt; border-top: solid windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-bottom: none; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" colspan="6" width="649">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">Table 1</span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 487.0pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: none; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" colspan="6" width="649">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">Corporate Capital Variance Summary</span></p>
</td>
</tr>
<tr style="height: 13.5pt;">
<td style="width: 487.0pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.5pt;" colspan="6" width="649">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">for the Period Ended April 30, 2024</span></p>
</td>
</tr>
<tr style="height: 25.5pt;">
<td style="width: 101.85pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 25.5pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;"> </span></p>
</td>
<td style="width: 106.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 25.5pt;" width="141">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">2024 Budget*</span></p>
</td>
<td style="width: 127.95pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 25.5pt;" colspan="2" width="171">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">2024 4M Y</span><span style="font-size: 10.0pt; color: black;">ear-to-Date<br /> Expenditures</span></p>
</td>
<td style="width: 151.2pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 25.5pt;" colspan="2" width="202">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: black;">2024 Projected <br /> Year-End Expenditures</span></p>
</td>
</tr>
<tr style="height: 13.2pt;">
<td style="width: 101.85pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;"> </span></p>
</td>
<td style="width: 106.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="141">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">$M</span></p>
</td>
<td style="width: 62.05pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="83">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">$M</span></p>
</td>
<td style="width: 65.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="88">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">%</span></p>
</td>
<td style="width: 74.95pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="100">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">$M</span></p>
</td>
<td style="width: 76.25pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="102">
<p style="text-align: center;"><span style="font-size: 10.0pt; color: windowtext;">%</span></p>
</td>
</tr>
<tr style="height: 13.2pt;">
<td style="width: 101.85pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid silver 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;">City Operations</span></p>
</td>
<td style="width: 106.0pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="141">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">3,124.4</span></p>
</td>
<td style="width: 62.05pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="83">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">258.0</span></p>
</td>
<td style="width: 65.9pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="88">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">8.3%</span></p>
</td>
<td style="width: 74.95pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">2,479.5</span></p>
</td>
<td style="width: 76.25pt; border: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="102">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">79.4%</span></p>
</td>
</tr>
<tr style="height: 13.2pt;">
<td style="width: 101.85pt; border-top: none; border-left: solid windowtext 1.0pt; border-bottom: solid silver 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;">Agencies</span></p>
</td>
<td style="width: 106.0pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="141">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,637.4</span></p>
</td>
<td style="width: 62.05pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="83">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">413.5</span></p>
</td>
<td style="width: 65.9pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="88">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">25.3%</span></p>
</td>
<td style="width: 74.95pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,621.4</span></p>
</td>
<td style="width: 76.25pt; border-top: solid silver 1.0pt; border-left: none; border-bottom: none; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="102">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">99.0%</span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 101.85pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;">Tax Supported:</span></p>
</td>
<td style="width: 106.0pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" width="141">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">4,761.8</span></p>
</td>
<td style="width: 62.05pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" width="83">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">671.5</span></p>
</td>
<td style="width: 65.9pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" width="88">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">14.1%</span></p>
</td>
<td style="width: 74.95pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">4,101.0</span></p>
</td>
<td style="width: 76.25pt; border: solid windowtext 1.0pt; border-left: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 12.75pt;" width="102">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">86.1%</span></p>
</td>
</tr>
<tr style="height: 13.2pt;">
<td style="width: 101.85pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;">Rate Supported:</span></p>
</td>
<td style="width: 106.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="141">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,448.3</span></p>
</td>
<td style="width: 62.05pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="83">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">172.6</span></p>
</td>
<td style="width: 65.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="88">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">11.9%</span></p>
</td>
<td style="width: 74.95pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">1,243.7</span></p>
</td>
<td style="width: 76.25pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="102">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">85.9%</span></p>
</td>
</tr>
<tr style="height: 13.8pt;">
<td style="width: 101.85pt; border: solid windowtext 1.0pt; border-top: none; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.8pt;" width="136">
<p><span style="font-size: 10.0pt; color: black;">TOTAL</span></p>
</td>
<td style="width: 106.0pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.8pt;" width="141">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">6,210.1</span></p>
</td>
<td style="width: 62.05pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.8pt;" width="83">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">844.1</span></p>
</td>
<td style="width: 65.9pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.8pt;" width="88">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">13.6%</span></p>
</td>
<td style="width: 74.95pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.8pt;" width="100">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">5,344.7</span></p>
</td>
<td style="width: 76.25pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; background: white; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.8pt;" width="102">
<p style="text-align: right;"><span style="font-size: 10.0pt; color: black;">86.1%</span></p>
</td>
</tr>
<tr style="height: 13.2pt;">
<td style="width: 207.85pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" colspan="2" width="277">
<p><em><span style="font-size: 10.0pt; color: windowtext;">*Note: Includes 2023 carry forward funding </span></em></p>
</td>
<td style="width: 62.05pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="83"> </td>
<td style="width: 65.9pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="88"> </td>
<td style="width: 74.95pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="100"> </td>
<td style="width: 76.25pt; padding: 0cm 5.4pt 0cm 5.4pt; height: 13.2pt;" width="102"> </td>
</tr>
</tbody>
</table>
<p> </p>
<p>The City's actual capital spending through the first four months of 2024 is $844.1 million or 13.6% of the 2024 Approved Capital Budget. This is in line with the seasonal trend of historical spending pattern. The projected spending rate is 86.1% by year-end based on submissions from City Programs and Agencies. Capital spending will continue to be reviewed with updates provided in future variance reports that will benefit from actual experience over capital intensive months. As more actual delivery materialized over the course of the year, the Programs and Agencies will provide updated spending projections. </p> |
| 135665 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Operating Variance Report for the Four Months Ended April 30, 2024 | 2024.EX16.13 | Y | Y | Y | Y | <p>The purpose of this report is to provide City Council with the Operating Variance for the four months ended April 30, 2024, as well as projections to the year-end, December 31, 2024. This report also requests City Council's approval for amendments to the 2024 Approved Operating Budget that have no impact on the City's Net Budget.</p>
<p> </p>
<p>The following table summarizes the year-to-date financial position and year-end projections for the City's Tax-Supported Operations as of April 30, 2024.</p>
<p> </p>
<p>Table 1: Tax-Supported Operating Variance Summary</p>
<p> </p>
<table style="border-collapse: collapse; border: none;" width="642">
<tbody>
<tr style="page-break-inside: avoid; height: 24.35pt;">
<td style="width: 117.0pt; border: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 24.35pt;" rowspan="2" width="156">
<p>Variance ($ in millions)</p>
<p>Favourable / (Unfavourable)</p>
</td>
<td style="width: 180.0pt; border: solid black 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 24.35pt;" colspan="3" width="240">
<p style="text-align: center;">April 30, 2024</p>
<p style="text-align: center;">(Year-to-Date)</p>
</td>
<td style="width: 184.5pt; border: solid black 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 24.35pt;" colspan="3" width="246">
<p style="text-align: center;">December 31, 2024</p>
<p style="text-align: center;">(Year-End) Projection</p>
</td>
</tr>
<tr style="height: .6pt;">
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;">Budget</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;">Actual</p>
</td>
<td style="width: 54.0pt; 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="72">
<p style="text-align: center;">Var</p>
</td>
<td style="width: 67.5pt; 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="90">
<p style="text-align: center;">Budget</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;">Actual</p>
</td>
<td style="width: 54.0pt; 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="72">
<p style="text-align: center;">Var</p>
</td>
</tr>
<tr style="height: .6pt;">
<td style="width: 481.5pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: .6pt;" colspan="7" width="642">
<p>Tax-Supported Operating Variance Summary</p>
</td>
</tr>
<tr style="height: 10.25pt;">
<td style="width: 117.0pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 10.25pt;" width="156">
<p>City Operations</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;"> 1,099.3</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;"> 1,022.4</p>
</td>
<td style="width: 54.0pt; 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="72">
<p style="text-align: center;"> 76.9</p>
</td>
<td style="width: 67.5pt; 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="90">
<p style="text-align: center;"> 3,012.3</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;"> 2,983.2</p>
</td>
<td style="width: 54.0pt; 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="72">
<p style="text-align: center;"> 29.1</p>
</td>
</tr>
<tr style="height: 13.55pt;">
<td style="width: 117.0pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 13.55pt;" width="156">
<p>Agencies</p>
</td>
<td style="width: 63.0pt; 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: 13.55pt;" width="84">
<p style="text-align: center;"> 965.3</p>
</td>
<td style="width: 63.0pt; 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: 13.55pt;" width="84">
<p style="text-align: center;"> 941.1</p>
</td>
<td style="width: 54.0pt; 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: 13.55pt;" width="72">
<p style="text-align: center;"> 24.2</p>
</td>
<td style="width: 67.5pt; 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: 13.55pt;" width="90">
<p style="text-align: center;"> 2,745.3</p>
</td>
<td style="width: 63.0pt; 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: 13.55pt;" width="84">
<p style="text-align: center;"> 2,735.9</p>
</td>
<td style="width: 54.0pt; 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: 13.55pt;" width="72">
<p style="text-align: center;"> 9.4</p>
</td>
</tr>
<tr style="height: 10.25pt;">
<td style="width: 117.0pt; 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="156">
<p>Corporate Accounts</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;"> (127.8)</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;"> (119.9)</p>
</td>
<td style="width: 54.0pt; 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="72">
<p style="text-align: center;"> (7.8)</p>
</td>
<td style="width: 67.5pt; 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="90">
<p style="text-align: center;"> (453.7)</p>
</td>
<td style="width: 63.0pt; 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="84">
<p style="text-align: center;"> (488.5)</p>
</td>
<td style="width: 54.0pt; 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="72">
<p> 34.8</p>
</td>
</tr>
<tr style="height: 1.0pt;">
<td style="width: 117.0pt; 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: 1.0pt;" width="156">
<p>Total</p>
</td>
<td style="width: 63.0pt; 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: 1.0pt;" width="84">
<p style="text-align: center;"> 1,936.9</p>
</td>
<td style="width: 63.0pt; 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: 1.0pt;" width="84">
<p style="text-align: center;"> 1,843.6</p>
</td>
<td style="width: 54.0pt; 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: 1.0pt;" width="72">
<p style="text-align: center;"> 93.3</p>
</td>
<td style="width: 67.5pt; 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: 1.0pt;" width="90">
<p style="text-align: center;"> 5,303.9</p>
</td>
<td style="width: 63.0pt; 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: 1.0pt;" width="84">
<p style="text-align: center;"> 5,230.6</p>
</td>
<td style="width: 54.0pt; 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: 1.0pt;" width="72">
<p style="text-align: center;">73.3</p>
</td>
</tr>
<tr style="height: 21.2pt;">
<td style="width: 117.0pt; 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: 21.2pt;" width="156">
<p><em> Less Toronto Building</em></p>
</td>
<td style="width: 63.0pt; 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: 21.2pt;" width="84">
<p style="text-align: center;"><em> 7.2</em></p>
</td>
<td style="width: 63.0pt; 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: 21.2pt;" width="84">
<p style="text-align: center;"><em> (0.7)</em></p>
</td>
<td style="width: 54.0pt; 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: 21.2pt;" width="72">
<p style="text-align: center;"><em> 7.9</em></p>
</td>
<td style="width: 67.5pt; 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: 21.2pt;" width="90">
<p style="text-align: center;"><em> (16.1)</em></p>
</td>
<td style="width: 63.0pt; 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: 21.2pt;" width="84">
<p style="text-align: center;"><em> (33.1)</em></p>
</td>
<td style="width: 54.0pt; 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: 21.2pt;" width="72">
<p style="text-align: center;"><em> 16.9</em></p>
</td>
</tr>
<tr style="height: 11.4pt;">
<td style="width: 117.0pt; 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: 11.4pt;" width="156">
<p><em> Less City Planning</em></p>
</td>
<td style="width: 63.0pt; 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: 11.4pt;" width="84">
<p style="text-align: center;"><em> 4.4</em></p>
</td>
<td style="width: 63.0pt; 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: 11.4pt;" width="84">
<p style="text-align: center;"><em> 8.4</em></p>
</td>
<td style="width: 54.0pt; 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: 11.4pt;" width="72">
<p style="text-align: center;"><em> (4.0)</em></p>
</td>
<td style="width: 67.5pt; 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: 11.4pt;" width="90">
<p style="text-align: center;"><em> 10.5</em></p>
</td>
<td style="width: 63.0pt; 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: 11.4pt;" width="84">
<p style="text-align: center;"><em> 17.1</em></p>
</td>
<td style="width: 54.0pt; 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: 11.4pt;" width="72">
<p style="text-align: center;"><em> (6.6)</em></p>
</td>
</tr>
<tr style="height: 11.4pt;">
<td style="width: 117.0pt; 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: 11.4pt;" width="156">
<p>Total Variance-Excluding Toronto Building/City Planning</p>
</td>
<td style="width: 63.0pt; border: none; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 11.4pt;" width="84">
<p style="text-align: center;"> 1,925.3</p>
</td>
<td style="width: 63.0pt; border: none; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 11.4pt;" width="84">
<p style="text-align: center;"> 1,835.8</p>
</td>
<td style="width: 54.0pt; border: none; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 11.4pt;" width="72">
<p style="text-align: center;"> 89.5</p>
</td>
<td style="width: 67.5pt; border: none; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 11.4pt;" width="90">
<p style="text-align: center;"> 5,309.6</p>
</td>
<td style="width: 63.0pt; border: none; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 11.4pt;" width="84">
<p style="text-align: center;"> 5,246.7</p>
</td>
<td style="width: 54.0pt; border: none; border-right: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 11.4pt;" width="72">
<p style="text-align: center;">62.9</p>
</td>
</tr>
<tr style="height: 30.2pt;">
<td style="width: 117.0pt; 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: 30.2pt;" width="156">
<p>% of Gross Budget</p>
</td>
<td style="width: 63.0pt; border-top: solid windowtext 1.0pt; 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: 30.2pt;" width="84">
<p><span style="color: black;"> </span></p>
</td>
<td style="width: 63.0pt; border-top: solid windowtext 1.0pt; 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: 30.2pt;" width="84">
<p><span style="color: black;"> </span></p>
</td>
<td style="width: 54.0pt; border-top: solid windowtext 1.0pt; 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: 30.2pt;" width="72">
<p style="text-align: right;"><span style="color: black;">5%</span></p>
</td>
<td style="width: 67.5pt; border-top: solid windowtext 1.0pt; 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: 30.2pt;" width="90">
<p><span style="color: black;"> </span></p>
</td>
<td style="width: 63.0pt; border-top: solid windowtext 1.0pt; 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: 30.2pt;" width="84">
<p><span style="color: black;"> </span></p>
</td>
<td style="width: 54.0pt; border-top: solid windowtext 1.0pt; 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: 30.2pt;" width="72">
<p style="text-align: right;"><span style="color: black;">1%</span></p>
</td>
</tr>
</tbody>
</table>
<p> </p>
<p>As detailed in Table 1 above, for the four-month period, Tax-Supported Operations experienced a favourable net variance of $89.5 million. A favourable net variance is projected at year-end of $62.9 million. These figures are adjusted for Toronto Building, City Planning, which have surplus allocated to reserves by legislation or reserve draws if a deficit is experienced. It is important to note that the financial information presented is as of April 30, which is a snapshot in time and the year-end projection is based on current and expected future activities.</p>
<p> </p>
<p>The funding provided by the New Deal struck with the Province of Ontario makes significant contributions towards transit and shelter related services. To date, $300.0 million has been received for Subway and Transit Safety, Recovery and Sustainable Operations, $200.0 million for Shelters and Homelessness, and $6.9 million related to operating costs of the Gardner Expressway and Don Valley Parkway, which are all reflected in the City’s year-to-date results and year-end projections.</p>
<p> </p>
<p>Rate-Supported Programs:</p>
<p> </p>
<p>Rate-Supported Programs reported a favourable year-to-date net variance of $19.1 million. At year-end, Rate-Supported Programs are projecting a favourable variance of $33.0 million. </p>
<p> </p>
<p>Table 2: Rate-Supported Operating Variance Summary</p>
<p> </p>
<table style="width: 467.5pt; border-collapse: collapse; border: none;" width="623">
<tbody>
<tr style="page-break-inside: avoid; height: 14.9pt;">
<td style="width: 139.85pt; border: solid black 1.0pt; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 14.9pt;" rowspan="2" width="186">
<p>Variance ($ in millions)</p>
<p>Favourable / (Unfavourable)</p>
</td>
<td style="width: 161.4pt; border: solid black 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 14.9pt;" colspan="3" width="215">
<p style="text-align: center;">April 30, 2024</p>
<p style="text-align: center;">(Year-to-Date)</p>
</td>
<td style="width: 166.25pt; border: solid black 1.0pt; border-left: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 14.9pt;" colspan="3" width="222">
<p style="text-align: center;">December 31, 2024</p>
<p style="text-align: center;">(Year-End) Projection</p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 1.0pt;">
<td style="width: 57.9pt; 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: 1.0pt;" width="77">
<p style="text-align: center;">Budget</p>
</td>
<td style="width: 54.0pt; 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: 1.0pt;" width="72">
<p style="text-align: center;">Actual</p>
</td>
<td style="width: 49.5pt; 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: 1.0pt;" width="66">
<p style="text-align: center;">Var</p>
</td>
<td style="width: 58.5pt; 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: 1.0pt;" width="78">
<p style="text-align: center;">Budget</p>
</td>
<td style="width: 54.0pt; 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: 1.0pt;" width="72">
<p style="text-align: center;">Actual</p>
</td>
<td style="width: 53.75pt; 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: 1.0pt;" width="72">
<p style="text-align: center;">Var</p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 15.75pt;">
<td style="width: 139.85pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 15.75pt;" width="186">
<p>Solid Waste Management Services</p>
</td>
<td style="width: 57.9pt; 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: 15.75pt;" width="77">
<p style="text-align: center;"> (17.9)</p>
</td>
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<p style="text-align: right;">(20.9)</p>
</td>
<td style="width: 49.5pt; 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: 15.75pt;" width="66">
<p style="text-align: right;">3.0</p>
</td>
<td style="width: 58.5pt; 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: 15.75pt;" width="78">
<p style="text-align: center;"> 0.0</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">(8.0)</p>
</td>
<td style="width: 53.75pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">8.0</p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 15.75pt;">
<td style="width: 139.85pt; border: solid black 1.0pt; border-top: none; padding: 5.75pt 5.75pt 5.75pt 5.75pt; height: 15.75pt;" width="186">
<p>Toronto Parking Authority</p>
</td>
<td style="width: 57.9pt; 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: 15.75pt;" width="77">
<p style="text-align: center;"> (6.5)</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">(12.7)</p>
</td>
<td style="width: 49.5pt; 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: 15.75pt;" width="66">
<p style="text-align: right;">6.2</p>
</td>
<td style="width: 58.5pt; 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: 15.75pt;" width="78">
<p style="text-align: right;">(31.9)</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">(37.8)</p>
</td>
<td style="width: 53.75pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">5.9</p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 15.75pt;">
<td style="width: 139.85pt; 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: 15.75pt;" width="186">
<p>Toronto Water</p>
</td>
<td style="width: 57.9pt; 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: 15.75pt;" width="77">
<p style="text-align: center;"> 26.8</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: center;"> 16.8</p>
</td>
<td style="width: 49.5pt; 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: 15.75pt;" width="66">
<p style="text-align: right;">10.0</p>
</td>
<td style="width: 58.5pt; 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: 15.75pt;" width="78">
<p style="text-align: right;">(0.0)</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">(19.1)</p>
</td>
<td style="width: 53.75pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">19.1</p>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 15.75pt;">
<td style="width: 139.85pt; 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: 15.75pt;" width="186">
<p>Total Variance</p>
</td>
<td style="width: 57.9pt; 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: 15.75pt;" width="77">
<p style="text-align: center;"> 2.4</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">(16.7)</p>
</td>
<td style="width: 49.5pt; 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: 15.75pt;" width="66">
<p style="text-align: right;">19.1</p>
</td>
<td style="width: 58.5pt; 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: 15.75pt;" width="78">
<p style="text-align: right;">(31.9)</p>
</td>
<td style="width: 54.0pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">(65.0)</p>
</td>
<td style="width: 53.75pt; 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: 15.75pt;" width="72">
<p style="text-align: right;">33.0</p>
</td>
</tr>
</tbody>
</table>
<p> </p>
<p>While the favourable year-to-date variance was driven by all three programs, Toronto Water accounts for just over fifty (50) percent of the variance. The year-end projections forecast all programs seeing a favourable net variance.</p>
<p> </p>
<p>Rate-Supported Programs are funded entirely by 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> |
| 135666 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Deferred Revenue Report at December 31, 2023 | 2024.EX16.14 | Y | Y | Y | Y | <p>The City of Toronto (City) receives monies from external parties and is obligated to set these monies aside for specific purposes outlined in Provincial legislation or third-party agreements. These monies may also be set aside for goods and services that will be provided in the future. In both instances, the receipt of these monies creates obligations for the City that must be settled at a future date. An example of such an obligation is the collection of development charges when building permits are issued. These development charges will contribute to the cost of growth-related infrastructure required to provide municipal services that support new development. When these monies are received, they are recognized on the City's Statement of Financial Position as a liability called Deferred Revenue. The deferred revenue amounts are recognized as earned revenue only when the committed investment is completed, and expenditures are recognized as tangible capital assets in the Statement of Financial Position or as operating expenses in the Statement of Operations and Accumulated Surplus. This report provides an update of the deferred revenue balances as at December 31, 2023, and earned revenue for the period ended December 31, 2023, which is included in the City's Statement of Operations and Accumulated Surplus.</p>
<p> </p>
<p>As at December 31, 2023, the City recorded $6,301.7 million in deferred revenues, as compared to $5,623.9 million recorded at December 31, 2022. The increase was due to the $2,727.3 million in monies received exceeding the $2,049.5 million in revenues earned by $677.8 million. The deferred revenue balance represents accumulated deferred revenue, which reflects obligated investments not yet completed to support growth, or goods and/or service commitments that the City must deliver to third parties, but not yet earned and recognized as revenue. Deferred revenues are fully committed based on contractual obligations to support growth-related infrastructure investments in the community, or other service and/or operational performance obligations.</p> |
| 135662 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | City of Toronto Reserve and Reserve Fund Balances as at December 31, 2023 | 2024.EX16.15 | Y | Y | Y | Y | <p><span style="text-decoration: underline;">Reserves and Reserve Funds</span></p>
<p> </p>
<p>Reserves and Reserve Funds established by Toronto City Council (Council) are key to support the financial management and operations of the City of Toronto (City). These funds are set aside to help offset future capital needs, future obligations such as employee expenses, fiscal pressures from ongoing programs and unforeseen costs or to offset revenue shortfalls, minimizing annual tax rate fluctuations. As an example, prudent financial management requires the City to retain a Tax Rate Stabilization Reserve balance as a contingency to address unanticipated and emergency events. The City has committed to maintaining a Tax Rate Stabilization Reserve balance of no less than 2% of annual property tax revenues for this purpose.</p>
<p> </p>
<p>Reserves and Reserve Funds are drawn upon to finance operating and capital expenditures as designated by Council; the contributions to, or draws from, Reserve and Reserve Funds represent a source or use of funds. Contributions to Reserves and Reserve Funds are not revenue earned by the City; similarly, draws are not expenses. Total Reserve and Reserve Funds are consolidated within the City's Accumulated Surplus position on the Consolidated Statement of Financial Position. These balances have accumulated over the last several years with half of the contributions made to address COVID-related financial challenges at the expense of contributions that otherwise would have supported the City's capital program. Outside of planned reserve contributions for specific uses, when possible, contributions may be made when there are excess cash inflows over budgeted amounts, when there are lower expenditures than budgeted or when there are timing impacts to commitments originally planned and approved. With the sustained impacts of the pandemic and the increased financial pressures on the City, these balances are being drawn down. The COVID-19 backstop has been nearly depleted in 2023 and will be fully depleted by the end of 2024.</p>
<p> </p>
<p>This report provides a summary of activities for the year ended December 31, 2023 for the City's Reserves and Reserve Fund balances.</p>
<p> </p>
<p>Reserves and Reserve Funds balances as at December 31, 2023 totaled $5,291.7 million, a decrease of $139.9 million from the December 31, 2022 balance of $5,431.6 million. This net decrease is the result of a drawdown of the COVID-19 backstop, partially offset by various deliberate contributions for capital investments in housing and capital infrastructure, contributions to vehicle and equipment replacement, and the proceeds from land sales credited directly to the land acquisition reserve fund, as authorized by Council. The majority of the City's reserve and reserve fund balances ($5,000.1 million, or 94.5%) are committed to future Council directed activities that include capital and operating expenditures and rate-based activities. Only the remaining balance of $291.6 million, or 5.5% of total reserves and reserve funds is uncommitted and available to respond to various unanticipated costs, stabilize funding sources, including the tax base, or for emergency purposes such as extreme weather events.</p>
<p> </p>
<p>Of the $5,000.1 million in committed reserve and reserve funds, there are approximately</p>
<p>$15,447.3 million in future commitments and obligations against the existing reserves and discretionary reserve fund balances, which are consistent with Council approved plans over the 2023-2032 capital planning period. These commitments and obligations are nearly 3 times greater than the current reserve and discretionary reserve fund balances, requiring continued reserve contributions to support planned expenditures.</p> |
| 135609 | REPORT | N | N | MAIN | ACTION | AMENDED | N | 2024 Levy on Railway Roadways and Rights-of-Way and on Power Utility Transmission and Distribution Corridors | 2024.EX16.16 | Y | Y | Y | Y | <p>This report seeks Council authority for the introduction of the by-law necessary to levy and collect taxes for the 2024 taxation year on railway roadways and rights-of-way and on land used as transmission or distribution corridors owned by power utilities, totalling approximately $6,996,373 in taxation revenue, of which the municipal share is $6,487,844 and the provincial education share is $508,529.</p>
<p> </p>
<p>The 2024 levy has remained consistent with the 2023 levy total of $6,996,832 (with a $6,488,196 municipal share and a provincial education share of $508,636). For 2024, the prescribed property tax rates for railway rights-of-way and hydro corridors remain unchanged from 2023.</p>
<p> </p>
<p>Taxation of railway lands varies across Canada, with some provinces utilizing a per-acre rate for railway lands, and most western provinces using tonnage per linear kilometre rates. In Ontario, per-acre rates are not increased annually. From 2005 to 2016 railway rates remained static, followed by modest rate increases in 2017 and again in 2018, with no rate increases since. If railway and hydro rates had been indexed to inflation to reflect increases in the Consumer Price Index in each year since 2005, an additional $3,468,799 would be generated from the levy in 2024. This additional levy would be inclusive of the educational portion of Hydro One's levy of approximately $3,214,409.</p> | 16 | 16 | CMMTTEE | EX | All | N | 1721793600000 |
| 135610 | REPORT | N | N | MAIN | ACTION | AMENDED | N | 2024 Heads and Beds Levy on Institutions | 2024.EX16.17 | Y | Y | Y | Y | <p>This report requests Council authority to adopt a by-law to levy amounts in the 2024 taxation year for colleges and universities, public hospitals, and correctional facilities (the "institutions"), estimated at approximately $19.8 million (annual "Heads and Beds" levy) based on the current legislative rates.</p>
<p> </p>
<p>A levy of $75 per head or bed has been in effect since 1987. If the rates had been increased to reflect increases in the Consumer Price Index in each year from 1987 to 2024 (such that the 2024 rate would be $177.81 for each full time student, provincially rated bed, or resident place), an additional $27.2 million in tax revenue would be received in 2024. This is an issue faced by all Ontario municipalities.</p> | 16 | 17 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Amended | Main | Committee | … | … | … |
| 135538 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Toronto Water 2024 Capital Budget and 2025-2033 Capital Plan Adjustments | 2024.EX16.18 | Y | Y | Y | Y | <p>This report requests City Council's authority to amend Toronto Water's 2024 Capital Budget and 2025-2033 Capital Plan by adjusting project cash flows contained within the Budget and Plan, respectively, to align forecasted project accelerations and deferrals. Additional reallocations to project cashflows and project costs are requested where project expenditures exceed the current approved cashflows and project costs. These reallocations will allow Toronto Water to continue to deliver projects within its capital plan. The adjustments will have a zero dollar impact on the 2024 Capital Budget and 2025-2033 Capital Plan and will align the budget and plan with Toronto Water's capital project delivery schedule and program requirements.</p> | 16 | 18 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Adopted | Main | Committee | … | … |
| 135668 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | A Summary of the City’s Donation Activity for 2023 | 2024.EX16.19 | Y | Y | Y | Y | <p>The purpose of this report is to provide a summary of the City’s donation activity in 2023 as outlined in the annual reporting requirements of the Donations to the City of Toronto for Community Benefits Policy. </p>
<p> </p>
<p>For the 2023 fiscal year, 7,618 donations for which tax receipts were issued were received, with a total value of $1.59 million. Donations were made by both individuals and organizations. While most donations came from individuals and organizations that live or operate within the City, donations were also received from other parts of the province and country, and from the United States of America.</p>
<p> </p>
<p>It is important to note that this summary includes donations for which tax receipts were issued by the City. This summary does not include donations under $20, gifts from foundations which do not qualify for a tax receipt, or in-kind donations where a tax receipt is not requested by the donor. Agencies and corporations that issue their own tax receipts are also not included in this summary.</p> | 16 | 19 | CMMTTEE | EX | All | N | — | … | Report | ACTION | Adopted | Main |
| 135680 | REPORT | N | N | MAIN | ACTION | AMENDED | N | Delegation of Development Review Related Authorities | 2024.EX16.20 | Y | Y | Y | Y | <p>Development review shapes how the City grows and delivers services necessary to successfully promote and manage growth. The development review and approval system is critical in developing affordable housing, securing parklands, driving economic growth and job creation, supporting landmark projects, and delivering complete communities that meet approved service standards and regulatory requirements across Toronto.</p>
<p> </p>
<p>In September 2019, City Council adopted the End-to-End Review of the Development Review Process final report, which outlined several recommendations to improve the City's development review process. This included implementing a new operating model focused on organizational structure, process improvements and technology.</p>
<p> </p>
<p>Implementation of the new operating model began in March 2020 by establishing an interim team-based structure, comprised of a core team of staff across several City divisions, to streamline the review of all development applications received by the City. To expedite implementation of the new operating model in response to the housing crisis, as well as the Government of Ontario’s legislated application review timelines through Bill 109, the More Homes for Everyone Act, 2022, in June 2023, the City established a new centralized service area, Development and Growth Services, and appointed a new Deputy City Manager for the service area. All development and growth-related services and functions in the City, including the review of development applications, are now reporting to the Deputy City Manager, Development and Growth Services. The City divisions under Development and Growth Services include: City Planning, Toronto Building, the Housing Secretariat and a newly created Development Review Division (Development Review).</p>
<p> </p>
<p>Development Review's mandate is to expedite the review of all development applications received by the City, with a focus on getting more homes, notably affordable homes, built faster within complete communities. To help achieve this mandate, core staff who review development applications across a number of City divisions and disciplines, some working under previously delegated Council authorities currently in effect, will now be consolidated under Development Review. This is vital to streamline decision-making; improve consistency, transparency and accountability; improve service delivery for applicants and City staff; and ultimately, accelerate the City's development application review process.</p>
<p> </p>
<p>As a result of this consolidation, the delegation of certain development review related authorities to the Executive Director, Development Review, and the appropriate City staff, is required, accompanied by changes to authorities currently delegated to the Chief Planner position. The purpose of this report is to seek the necessary delegated authority from City Council. This is required to move and consolidate City development review-related authorities within the new division.</p>
<p> </p>
<p>Council approval of the recommendations in this report will help accelerate the establishment of Development Review and advance many of the City’s strategic priorities aimed at improving the quality of life for Torontonians. This includes promoting a well-run city, creating housing that is affordable and helping Torontonians along the housing continuum, keeping Toronto moving, investing in our people and neighbourhoods, and addressing climate change.</p> |
| 135683 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Governance, Community Benefits Plan, Legacy and Program Advisory Framework, FIFA Fan Festival | 2024.EX16.21 | Y | Y | Y | Y | <p>Toronto's journey to hosting the FIFA World Cup 2026 (FWC26) began in 2018 when FIFA awarded hosting the FWC26 to a joint bid by Canada, Mexico and the United States, with matches to be staged across 16 cities in North America. On June 16, 2022, the City of Toronto was announced as an official Host City for the FWC26. Since that time, planning has actively been underway, preparing and uniting the city for Toronto to be showcased on the world stage.</p>
<p> </p>
<p>Toronto will host six matches in the FWC26 kicking off on June 12, 2026 with the first-ever FIFA World Cup™ men’s match on Canadian soil and featuring Canada’s Men’s National Team. The games in Toronto will conclude with a knockout round of 32 match on July 2, 2026.</p>
<p> </p>
<p>Hosting the FIFA World Cup is expected to bring significant economic, cultural and community benefits to Toronto that will help to enhance the City’s global profile. The economic impact is projected to aid the City’s long-term recovery from the COVID-19 pandemic particularly benefiting the tourism, hospitality, and entertainment sectors. As with any major event, the City is working with partners to balance costs and benefits while ensuring that any public investment yields significant legacies and community benefits for Torontonians.</p>
<p> </p>
<p>This report is a coordinated response to address the multiple directives from City Council in March 2024 <a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.EX12.2">(EX12.2)</a>, led by the FWC26 Toronto Secretariat, in collaboration with multiple divisions and agencies, including Financial Planning, Transportation Services, Environment and Climate, Solid Waste Management Services, Social Development, Finance and Administration, Purchasing and Materials Management, Economic Development and Culture, People and Equity, Toronto Shelter and Support Services, and Toronto Transit Commission.</p> |
| 135672 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Build Toronto Inc. 2023 Annual General Meeting and Audited Financial Statements | 2024.EX16.22 | Y | Y | Y | Y | <p>As a part of the City-wide Real Estate Model, Build Toronto Inc. (BT) supports CreateTO to fulfill its mandate. As the City of Toronto’s real estate agency, CreateTO applies a strategic city-wide lens to Toronto’s real estate holdings, develops City buildings and lands for municipal purposes and delivers real estate solutions to advance City Council’s key public policy goals and meet the program needs of City divisions, agencies, and corporations.</p>
<p> </p>
<p>Under the leadership and guidance of our Board of Directors, CreateTO and its related corporations, Build Toronto Inc. and Toronto Port Lands Company, have brought stakeholders, partners and community members together to advance a number of key City-building initiatives. Please refer to Attachment 3, for CreateTO’s 2023 Highlights Report.</p> | 16 | 22 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Adopted | Main | Committee | … |
| 135661 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Lakeshore Arena Corporation - Annual General Meeting and 2023 Audited Financial Statements | 2024.EX16.23 | Y | Y | Y | Y | <p>This report recommends that the Board of Directors of Lakeshore Arena Corporation (LAC) recommend to City Council actions necessary to comply with the requirements of the Business Corporations Act, Ontario for holding the Annual General Meeting of the Shareholder of LAC, including receipt of its Annual Report and Audited Financial Statements (Statements) for 2023 and appointment of the auditor for 2024.</p>
<p> </p>
<p>LAC's 2023 Statements were audited by Welch LLP and received an opinion stating that the financial statements present fairly, in all material respects, the financial position of the LAC as at December 31, 2023, and its results of operations, changes in net debt and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.</p>
<p> </p>
<p>This report also recommends that City Council receives information disclosing the individual compensation of executive officers employed by LAC in 2023.</p> | 16 | 23 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Adopted | Main | Committee |
| 135677 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Toronto Community Housing Corporation - Annual General Meeting and 2023 Audited Consolidated Financial Statements | 2024.EX16.24 | Y | Y | Y | Y | <p>This report transmits materials submitted by the Board of Directors of Toronto Community Housing Corporation (TCHC) to the City. Management of TCHC confirms that all financial information was made available to the auditors for the performance of the audit.</p>
<p> </p>
<p>This report recommends the actions necessary to comply with the requirements of the Business Corporations Act, for holding the Annual General Meeting of the Shareholder of TCHC, including receipt of its Annual Report and Audited Consolidated Financial Statements (Statements) for 2023 and appointment of the auditor for 2024.</p>
<p> </p>
<p>TCHC's 2023 Statements were audited by KPMG LLP and received an unqualified opinion stating that the financial statements present fairly, in all material respects, the financial position of the TCHC as of December 31, 2023, and its results of operations for the year then ended in accordance with Canadian public sector accounting standards.</p>
<p> </p>
<p>The report also provides information on subsidiaries and joint ventures, individual compensation of executive officers, and additional items as directed by the Shareholder.</p>
<p> </p>
<p>Finally, the report recommends, for Council’s approval the Rules of Procedure including procedures for governing the calling, place and proceedings of meetings of the Board and its committees as required by Section 5.2.2. The Board seeks Council’s approval for these Rules of Procedure, in the form of TCHC By-law #4.</p> | 16 | 24 | CMMTTEE | EX | All | N |
| 135667 | REPORT | N | Y | MAIN | ACTION | ADOPTED | N | Toronto Hydro Corporation Annual General Meeting and 2023 Audited Financial Statements | 2024.EX16.25 | Y | Y | Y | Y | <p>Toronto Hydro provides this report:</p>
<p> </p>
<p style="padding-left: 30px;">- In combination with the attached 2023 Annual Report in satisfaction of City staff’s request, by way of email dated March 8, 2024, that Toronto Hydro Corporation provide a cover report that highlights key financial information for Executive Committee and City Council consideration.</p>
<p style="padding-left: 30px;">- To comply with the requirements of subsection 94(1) of the OBCA, the directors of Toronto Hydro Corporation are required to call an annual meeting of its shareholder (i.e. the City of Toronto) by no later than fifteen (15) months after holding the last preceding annual meeting. The preceding annual meeting was held on July 11, 2023.</p>
<p style="padding-left: 30px;">- To comply with the requirements of subsection 149(2) of the OBCA, the shareholder shall, at each annual meeting, appoint one or more auditors to hold office until the close of the next annual meeting. Pursuant to subsection 149(7) of the OBCA, the remuneration of an auditor appointed by the shareholder shall be fixed by the shareholder, or by the directors if they are authorized to do so by the shareholder.</p>
<p style="padding-left: 30px;">- To comply with the requirements of subsection 154(1) of the OBCA and section 9.7 of the City’s Shareholder Direction, the directors of Toronto Hydro Corporation are required to place before each annual meeting of the shareholder:</p>
<p style="padding-left: 30px;">- the financial statements required to be filed under the Securities Act (Ontario) and the regulations thereunder relating separately to: (i) the period that began immediately after the end of the last completed financial year and ended not more than six months before the annual meeting; and (ii) the immediately preceding financial year;</p>
<p style="padding-left: 30px;">- the report of the auditor, if any, to the shareholders; and</p>
<p style="padding-left: 30px;">- any further information respecting the financial position of Toronto Hydro Corporation and the results of its operations required by the articles, the by-laws or any shareholder direction.</p>
<p> </p>
<p>Toronto Hydro Corporation therefore hereby submits and recommends that this report and attached documents be received by the Executive Committee and the attached shareholder resolution be approved by the City Council.</p> |
| 135534 | LETTER | N | N | MAIN | ACTION | ADOPTED | N | Toronto Pan Am Sports Centre Annual General Meeting and 2023 Audited Financial Statements | 2024.EX16.26 | Y | Y | Y | Y | <p>The Toronto Pan Am Sports Centre (TPASC) 2023 Overview (Attachment 1) provides a brief history of the organization, 2023 operating highlights, an overview of annual general meeting requirements, Board actions related to appointment of the 2024 auditor, 2023 financial statement summary, results of the financial statement audit, 2023 operating financial results, background on the 2024 budget, the future outlook of the organization and a description of the Board composition.</p> | 16 | 26 | CMMTTEE | EX | All | N | 1721793600000 | … | Letter | ACTION | Adopted | Main | Committee | … | … | … | … | … | … |
| 135660 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Toronto Port Lands Company - Annual General Meeting and 2023 Audited Financial Statements | 2024.EX16.27 | Y | Y | Y | Y | <p>Under CreateTO’s management, Toronto Port Lands Company (TPLC) continues to advance the long-term vision for a sustainable new community in the heart of Toronto. As an active port, a vital part of our city’s economy and home to Toronto’s thriving film studio district, the Port Lands houses a large cluster of industrial uses that build and maintain the broader city.</p>
<p> </p>
<p>The Port Lands also represents one of the most significant urban renewal opportunities in the city today. As the largest landowner in the Port Lands, TPLC, through CreateTO, is not only active in its role as steward and property manager but is also paving the way for a new era of innovation in the Port.</p>
<p> </p>
<p>The Port Lands is currently undergoing significant flood protection work that will transform this neighborhood and unlock major new city-building uses. More than 120+ acres of land continue to be leased to Waterfront Toronto to support the completion of the flood protection work. Once completed, this initiative will unleash an abundance of new opportunities from affordable housing to vibrant parks, trails, and commercial hubs. We’re committed to continuing to work with our partners and stakeholders to ensure that this distinctive downtown area enriches Toronto to the fullest extent possible.</p>
<p> </p>
<p>Please refer to Attachment #3, page 6 & 7, for Port Lands 2023 Highlights.</p> | 16 | 27 | CMMTTEE | EX | All | N | 1721793600000 |
| 135658 | REPORT | N | N | MAIN | ACTION | ADOPTED | N | Toronto Seniors Housing Corporation Annual General Meeting and 2023 Audited Financial Statements | 2024.EX16.28 | Y | Y | Y | Y | <p>Enclosed are the materials in support of the Toronto Seniors Housing Corporation Annual General Meeting and 2023 Audited Financial Statements reporting to the City of Toronto and City Council as per the requirements of the Shareholder Direction.</p> | 16 | 28 | CMMTTEE | EX | All | N | 1721793600000 | … | Report | ACTION | Adopted | Main | Committee | … | … | … | … | … | … | … | … | … |
| 135612 | LETTER | N | N | MAIN | ACTION | ADOPTED | N | Toronto Police Board Response to City Council Motion CC15.1 - Budget Implementation Including Tax Rates, User Fees and Related Matters | 2024.EX16.29 | Y | Y | Y | Y | <p>At its meeting held on June 24, 2024, the Toronto Police Service Board (Board) considered a report dated May 16, 2024, regarding “Toronto Police Service applications to the 14 programs under the Province of Ontario Community Safety Project Grants” from Chief Demkiw. Minute number P.2024-0624-11.0 is attached along with the Chief’s report.</p>
<p><br />The Board approved the foregoing report and agreed to forward a copy of the report to Toronto City Council via the City of Toronto Executive Committee for information.</p> | 16 | 29 | CMMTTEE | EX | All | N | — | … | Letter | ACTION | Adopted | Main | Committee | … | … | … | … |
| 135555 | LETTER | N | N | MAIN | ACTION | AMENDED | N | Community Safety and Well-being and Schools | 2024.EX16.30 | Y | Y | Y | Y | <p>At its meeting on June 18, 2024, the City-School Boards Advisory Committee considered Item <a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.TS2.4">TS2.4</a> and made a recommendation to Executive Committee.</p>
<p> </p>
<p> </p>
<p>Summary from the City-School Boards Advisory Committee:</p>
<p> </p>
<p>The Associate Director, Violence Prevention, Social Development, Finance and Administration Division, and the Centrally Assigned Principal, Toronto District School Board, will give a presentation on Community Safety and Well-being and Schools.</p>
<p> </p>
<p>This presentation will highlight ongoing engagements and activities led by the City, school boards, and multi-sectoral partners to advance SafeTO, the City’s ten-year community safety and well-being plan.</p> | 16 | 30 | CMMTTEE | EX | All | N | 1721793600000 | … | Letter | ACTION | Amended | Main | Committee | … | … |
| 135553 | LETTER | N | N | MAIN | ACTION | ADOPTED | N | Refreshing the Parks and Recreation Facilities Master Plan and Building a Cricket Strategy | 2024.EX16.31 | Y | Y | Y | Y | <p>At its meeting on June 18, 2024, the City-School Boards Advisory Committee considered<a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.TS2.5"> Item TS2.5</a> and made a recommendation to Executive Committee.</p>
<p> </p>
<p> </p>
<p>Summary from the City-School Boards Advisory Committee:</p>
<p> </p>
<p>The Senior Project Manager, Parks, Forestry and Recreation, and the Project Officer, Parks, Forestry and Recreation, will give a presentation on Refreshing the Parks and Recreation Facilities Master Plan and actions specific to Building a Cricket Strategy, as well as potential opportunities with school boards.</p> | 16 | 31 | CMMTTEE | EX | All | N | 1721793600000 | … | Letter | ACTION | Adopted | Main | Committee | … | … | … |
| 135825 | LETTER | N | Y | NEW | ACTION | AMENDED | N | FIFA World Cup 2026: Toronto Host City Procurement Plan | 2024.EX16.32 | Y | Y | Y | Y | <p>At its meeting on July 5, 2024 the FIFA World Cup 2026 Subcommittee considered Item <a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.FWC1.1">FWC1.1</a> and made recommendations to the Executive Committee.</p>
<p><br /> <br />This report presents the procurement plan, directly associated with the planning, execution and general obligations connected to hosting the FIFA World Cup 2026 (FWC26), including the circumstances under which the Chief Procurement Officer intends to consider exercising the discretion to bring forward recommendations to Executive Committee, via the FIFA World Cup 2026 Subcommittee, regardless of any existing authority, in recognition of the specific requirements for financial oversight of FIFA expenditures.</p> | 16 | 32 | CMMTTEE | EX | All | N | 1721793600000 | … | Letter | ACTION | Amended | New | Committee | … | … |
| 135826 | LETTER | N | Y | NEW | ACTION | ADOPTED | N | Construction Manager Agreement with PCL Constructors Canada Inc. for Construction Management Services at Toronto Stadium in Support of the FIFA World Cup 2026 Hosting | 2024.EX16.33 | Y | Y | Y | Y | <p>At its meeting on July 5, 2024 the FIFA World Cup 2026 Subcommittee considered Item <a href="https://secure.toronto.ca/council/agenda-item.do?item=2024.FWC1.2">FWC1.2</a> and made recommendations to the Executive Committee.</p>
<p> </p>
<p> </p>
<p>The purpose of this report is to advise of the results of negotiated Request for Proposals (nRFP) nRFP-0003 for Toronto Stadium - Construction Manager services (in a CCDC 5B with Supplementary conditions form) at Toronto (BMO) Stadium, and request the authority to enter into an agreement with PCL Constructors Canada Inc. in the amount of $1,103,241.60 net of taxes and charges ($993,503.23 net of Harmonized Sales Tax recoveries) and meets current projected budget targets.</p>
<p> </p>
<p>Adoption of the recommendations in this report at the July 16, 2024 Executive Committee meeting is required in order to permit the work to proceed in accordance with critical project timelines. This contract includes the preconstruction planning and procurement of all suppliers and sub-trades required to meet the scope of services for permanent and semi-permanent upgrade to BMO Stadium.</p> | 16 | 33 | CMMTTEE | EX | 10 - Spadina - Fort York | N | — | … | Letter |