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Decision Letter |
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Budget Committee |
| Meeting No. | 41 | Contact | Kelly McCarthy, Committee Administrator | |
| Meeting Date |
Thursday, June 6, 2013 |
Phone | 416-392-4666 | |
| Start Time |
9:30 AM |
buc@toronto.ca | ||
| Location |
Committee Room 1, City Hall
|
Chair | Councillor Frank Di Giorgio |
| BU41.3 | ACTION |
Adopted |
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Ward:All |
| Capital Variance Report for the Year Ended December 31, 2012 |
| Committee Decision | |
The Budget Committee recommends to the Executive Committee that:
1. City Council approve additional carry forward funding of $0.767 million in unspent capital funding from 2012 and additional carry forward funding of $3.900 million in unspent capital funding from 2011 and prior years as detailed in Appendix 2 to the report (May 23, 2013) from the Deputy City Manager and Chief Financial Officer, in order to continue work on previously approved capital projects, and that the 2013 Approved Capital Budget be adjusted accordingly with no incremental impact on debt.
2. City Council receive for information Appendix 3 to the report (May 23, 2013) from the Deputy City Manager and Chief Financial Officer, which lists capital projects/sub-projects that have been completed and are to be closed.
3. City Council authorize and direct the appropriate City Officials to take the necessary action to give effect thereto. |
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| Origin |
| (May 23, 2013) Report from the Deputy City Manager and Chief Financial Officer |
| Summary |
The purpose of this report is to provide the 2012 Capital Variance Report for the year-ended December 31, 2012 and to seek Council’s approval for 2012 and prior year carry forward funding with no incremental impact on debt.
Capital expenditures for the twelve months ended December 31, 2012 totalled $2.400 billion or 62.5% of the 2012 Approved Capital Budget of $3.838 billion (see Chart 1). This spending pattern is consistent with prior years. As detailed by City Program and Agency in Appendix 1, it is noted that 15 of 35 City Programs and Agencies spent in excess of 60% of their respective 2012 Approved Capital Budget.
(See Summary Section of the report dated May 23, 2013, from the Deputy City Manager and Chief Financial Officer for Chart 1 entitled "2012 Capital Budget Vs. Actual Expenditure for the Period Ended December 31, 2012") |
| Financial Impact |
The total financial impact to the 2013 Approved Capital Budget arising from the adoption of the additional carry forward funding requests in this report is increase of $4.667 million with no incremental impact on debt. |
| Background Information |
| (May 23, 2013) Report from the Deputy City Manager and Chief Financial Officer on Capital Variance Report for the Year Ended December 31, 2012 (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-59166.pdf) Appendix 1 - 2012 Consolidated Capital Variance Report for the Year Ended December 31, 2012 (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-59161.pdf) Appendix 2 - 2012 and 2011 and Prior Years Carry Forwards Funding Adjustments (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-59162.pdf) Appendix 3 - Closed Capital Projects (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-59167.pdf) Appendix 4 - Capital Variance Explanation - Programs/Agencies (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-59163.pdf) (May 23, 2013) Report from the Deputy City Manager and Chief Financial Officer on Capital Variance Report for the Year Ended December 31, 2012 - Notice of Pending Report (http://www.toronto.ca/legdocs/mmis/2013/bu/bgrd/backgroundfile-58501.pdf) |
| Declared Interests |
The following member(s) declared an interest:
|