Decision Letter |
|
Budget Committee |
Meeting No. | 37 (Special) | Contact | Kelly McCarthy, Committee Administrator | |
Meeting Date |
Tuesday, January 8, 2013 |
Phone | 416-397-7796 | |
Start Time |
10:00 AM |
buc@toronto.ca | ||
Location |
Committee Room 1, City Hall
|
Chair | Councillor Mike Del Grande |
BU37.2 | ACTION |
Adopted |
|
Ward:All |
Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets |
Committee Decision | |
The Budget Committee recommends to the Executive Committee that:
1. City Council receive this report for information. |
|
Origin |
(January 2, 2013) Report from the Acting Deputy City Manager and Chief Financial Officer |
Summary |
This report discusses the impact of excluding amortization expenses, post-employment benefits expenses, and Solid Waste landfill closure and post-closure expenses from the 2013 Operating Budget; and requests City Council to adopt the recommendation contained therein in accordance with Provincial requirements.
Ontario Regulation 286/09 "Budget Matters – Expenses" requires that the City shall prepare a report, prior to adoption of its budget, detailing amortization, post-employment benefits and landfill closure and post-closure expenses, if excluded from the budget. It also requires that the City adopt the report by resolution.
Consistent with prior years, the City's 2013 Operating and Capital budgets have been prepared on the modified cash basis and therefore exclude the expenses listed above. |
Financial Impact |
There are no financial implications as a result of this report. |
Background Information |
(January 2, 2013) Report from the Acting Deputy City Manager and Chief Financial Officer on the Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-54647.pdf) |