The Budget Committee referred the item back to the General Manager, Parks, Forestry and Recreation, for further consideration and report back to the meeting of the Budget Committee on March 12, 2010.

The purpose of this report is to request authority to reduce the 2009 rent for some Lease and Licence Agreements managed by the Parks Forestry and Recreation Division’s Business Services Unit.  Those Lease and Licence Agreement holders that would receive a rent reduction were negatively impacted financially, by the 2009 labour disruption.  Parks, Forestry and Recreation is seeking City Council approval to reduce the 2009 rent for those Lease and Licence Agreements impacted by the labour disruption.

The Budget Committee recommends to the Executive Committee that:

1.         City Council approve the deferred and accelerated cash flows in the amount of $13,500,000 detailed in Table 1 of the report (February 2, 2010) from the General Manager, Transportation Services, which will have no net impact on the approved 2010 debt.

2.         City Council authorize and direct the appropriate City Officials to take the necessary action to give effect thereto.

The Transportation Services Division is recommending the reallocation of anticipated cash flow expenditures that, for various reasons, need to be deferred to other projects that are ready to proceed.  This involves the deferral of 2010 approved cash flows along with a corresponding acceleration and increase within other Transportation Services Capital Budget items that yield a zero net impact on the approved debt target for 2010.

The impact on project costs resulting from the cash flow reallocations is an increase of $2,500,000 million.  An equivalent amount of project costs will either be funded from other sources or there will be an offsetting reduction in future year project costs.  In view of the foregoing, Transportation staff, as part of the upcoming 2011 budget process and consistent with the Divisional submission, has reassessed all ongoing and imminent project cash flows and all available funding sources in order that the increase in project costs will have no net impact on the approved five year debt targets for Transportation Services.

Advising that the Toronto Transit Commission on December 16, 2009, considered the report, entitled "Yonge-University Spadina Line - Subway Rail Yard Needs Strategy", and among other things, forwarded the report to Metrolinx and the City of Toronto for information, noting that the full implementation of the SRYNS will impact the TTC Capital Budget and the budget for the Yonge Subway Northern Extension Project.