The Budget Committee recommends to the Executive Committee that:

1.         City Council approve in-year budget adjustments to the 2013 Approved Capital Budget detailed in Appendix 2 to the report (April 30, 2013) from the Deputy City Manager and Chief Financial Officer and that the 2013 Approved Capital Budget be adjusted accordingly.

2.         City Council increase City Planning Division's 2013 Approved Capital Budget for Growth Studies (CUR028-27 - project cost and cash flow) by $1.338 million for the Port Lands Acceleration Initiative Planning Framework, to be funded by transfers of:

a.         $853,920 from the Development-related studies Development Charges Reserve Fund (XR2120)

b.         $150,000 from Toronto Water (CWW452-04)

c.         $150,000 from Toronto Water (CPW537-04)

d.         $184,080 from Transportation Services (CTP813-02)

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

The purpose of this report is to provide Council with the 2013 Capital Variance Report for the three month period ended March 31, 2013 as well as projected actual expenditures to December 31, 2013.  Furthermore, the report seeks Council’s approval for 2013 in-year budget adjustments.

Capital expenditures for the three months ended March 31, 2013 totalled $223.223 million or 5.5% of the 2013 Approved Capital Budget of $4.096 billion (see Chart 1).  This spending pattern is consistent with prior years as first quarter capital activity is typically more preparatory, with less expenditure actually occurring than in the reminder of the year.  As detailed by City Program and Agency in Appendix 1,  it is noted that 26 of 32 City Programs and Agencies project spending in excess of 70% of their respective 2013 Approved Capital Budget by December 31,  2013.

(See Chart 1 in the report "2013 capital Budget vs. Actual Expenditures for the Period Ended March 31, 2013”)