The Budget Committee recommends to the Executive Committee that:

1.         City Council authorize the reallocation of funds in Toronto Water’s approved 2013 Water Capital Budget in the amount of $27.972 million, as presented in Schedule A (Part A and Part B) of the report (March 12, 2014) from the General Manager, Toronto Water, with a zero net Budget impact.

This report requests City Council’s authority to amend Toronto Water’s Approved 2013 Capital Budget by adjusting project cash flows contained within the Budget and Plan, respectively, to reflect the actual year expenditures and progress completion. The adjustment of project cash flows will have a zero gross overall Capital Budget impact and will align 2013 expenditures and future cash flows with Toronto Water’s capital project delivery schedule and program requirements. 

This effect of the recommendation in this report will be an amendment to the amounts budgeted in 2013 for certain capital projects. The total amount of budget increases will be offset by a corresponding amount of budget decreases. The adjustment of project cash flows will have a zero gross overall Capital Budget impact and will align 2013 expenditures and future cash flows with Toronto Water’s capital project delivery schedule and program requirements.

There are no additional costs to the City as a result of approval of this report.

The Deputy City Manager and Chief Financial Officer has reviewed this report and agrees with the financial impact information.