Toronto Transit Commission Streetcar Island Platform at
St. Clair Avenue West and Via Italia
The Strategic Policies and Priorities Committee recommends the adoption of the
Recommendation of the Budget Committee embodied in the following communication
(April30, 1999) from the City Clerk:
Recommendation:
The Budget Committee on April 30, 1999, recommended to the Strategic Policies and
Priorities Committee, and Council, the adoption of the report (April 22, 1999) from the Chief
Financial Officer and Treasurer, wherein it is recommended that funding for this project
(Streetcar Island Platform at St. Clair Avenue and Via Italia, included in Project No. 330
Yards and Roads - Various of the TTC capital program) be financed through the issuance of
debentures for a term not exceeding twenty years, noting that the amount is within the City's
updated debt and financial obligation limit, and direct the City Solicitor to apply to the OMB
for approval as required under the City of Toronto Act.
Background:
The Budget Committee had before it a report (April 22, 1999) from the Chief Financial
Officer and Treasurer recommending that funding for this project (Streetcar Island Platform at
St. Clair Avenue and Via Italia, included in Project No. 330 Yards and Roads - Various of the
TTC capital program) be financed through the issuance of debentures for a term not exceeding
twenty years, noting that the amount is within the City's updated debt and financial obligation
limit, and direct the City Solicitor to apply to the OMB for approval as required under the City
of Toronto Act.
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(Report dated April 22, 1999, addressed to the
Budget Committee from the Chief Financial Officer and Treasurer)
Purpose:
To respond to the request on the source of funding for the project.
Financial Implications:
Approval of the recommendation will increase the net capital requirements to be financed
from debentures by $60,000.00 in 1999.
Recommendation:
It is recommended that funding for this project (Streetcar Island Platform at St. Clair Avenue
and Via Italia, included in Project No. 330 Yards and Roads - Various of the TTC capital
program) be financed through the issuance of debentures for a term not exceeding twenty
years, noting that the amount is within the City's updated debt and financial obligation limit,
and direct the City Solicitor to apply to the OMB for approval as required under the City of
Toronto Act.
Background:
The Budget Committee, on February 19, 1999, approved the installation of a TTC island at
St.Clair Avenue West and Via Italia, subject to the General Manager of the TTC reporting,
directly to Council, on the need and cost of such shelter.
The Chief General Manager, TTC, in a letter to the City Clerk dated March 1, 1999, indicated
that the TTC could not support the installation of the platform, on the basis that TTC
customers are already well served by other nearby stops
City Council, on March 2, 3 and 4, 1999, adopted the recommendation that the installation of
a TTC island at St. Clair Avenue and Via Italia be approved, and the Chief Financial Officer
and Treasurer be requested to submit a report to the Budget Committee identifying an
appropriate funding source for this $60,000.00 expenditure.
Discussion:
Funding for the TTC capital expenditure, excluding the Sheppard Subway, is primarily based
on four sources:
(i)the TTC Capital Subsidy Reserve Fund (based on the amount prepaid by the Province in
1999 of all future TTC capital subsidies under the Capital Subsidy Agreement);
(ii)depreciation expenses included in TTC's operating budget related to the depreciation of
capital assets funded by the Commission;
(iii)capital from current; and
(iv)debenture financing.
The 1998 year-end balance of the TTC Capital Subsidy Reserve Fund is anticipated to be
depleted in 1999, as per the approved 1999 capital program. The available funding for 1999
through the TTC depreciation funding and capital from current has been also fully allocated in
the 1999 approved capital program.
It is, therefore, recommended that the building of the streetcar island platform at St. Clair
Avenue and Via Italia, as approved by City Council on March 2, 3 and 4, 1999, be financed
through the issuance of debentures. The required amount ($60,000.00) is within the City's
updated debt and financial obligation limit.
Conclusion:
Funding for the Streetcar Island Platform at St. Clair Avenue and Via Italia, included in
ProjectNo.330 Yards and Roads - Various of the TTC capital program, as approved by City
Council on March 2, 3 and 4, 1999, be financed through the issuance of debentures
Contact Name:
Andres Hachard (416) 392-5377.
