2014-05-01 Decision Letter - Budget Committee

The Budget Committee recommends to the Executive Committee that:

1. City Council amend the 2014 Parks, Forestry and Recreation Capital Budget for the capital project known as Berczy Park Construction (CPR117-44-22), in the amount of $4.507 million to a total value of $8.007 million, and to be cash flowed as follows: $1.000 million in 2014 and $3.507 million in 2015, with a net zero impact financed from Section 42, Section 37 and Section 45 funds.

The purpose of this report is to request Council approval to amend the 2014 Parks, Forestry and Recreation’s Capital Budget and Plan for the construction of Berczy Park.

With the approval of this report, staff will have the funding required to complete construction of Berczy Park and adjacent Scott Street streetscape improvements in 2015 prior to the start of the 2015 Pan Am/Parapan Am Games. The additional $4.507 million is requested, to be cash flowed in 2014 and 2015. The additional funding is requested from Ward 28 Section 42 above 5%, Section 37, and Section 45 opportunities.

Through public and stakeholder consultation, it was requested that streetscape improvements to the portion of Scott Street adjacent to the park, between Front Street East and Wellington Street East, also be completed concurrently with Berczy Park. It is cost and time effective to complete park improvements and streetscape improvements together.

Approval of this report will amend the 2014 council-approved Parks, Forestry and Recreation Capital Budget to increase the project known as Berczy Park Construction Project by $4.507 million to a total value of $8.007 million and to be cash flowed as follows: $1.000 million in 2014 and $3.507 million in 2015, with a net zero impact.

The project increase is to be funded from various developments within Ward 28 as summarized in the following chart:

Funding Source	Address		Internal Order Account	2014 Cash Flow Amount	2015 Cash Flow Amount
Streetscape Improvements
Section 37	1 the Esplanade (5-7 The Esplanade)		XR3026-3700571	$ 250,000.00
Section 37	40 Scott Street and 10 Wellington Street		XR3026-3700583		$ 1,200,000.00
Park Improvements
Section 42	40 Scott Street and 10 Wellington Street (above 5%)	XR2231-4200483		$ 750,000.00	$ 717,753.49
Section 37	1 Front Street East (Heritage Lighting)	XR3026-3700364			$ 50,161.75
Section 45	33 Bay Street (Heritage Lighting)	XR3028-4500081			$ 51,042.33
Section 42	40 Scott Street (redirected funds)	XR2209 (holding account)			$ 366,938.37
Section 42	55 Front Street East	XR2231-4200079			$ 5,212.25
Section 42	264 Milan Street	XR2231-4200340			$ 43.00
Section 42	70 Temperance Street	XR2231-4200354			$ 4,854.39
Section 42	1 Front Street East (8 The Esplanade)	XR2231-4200415			$ 119.00
Section 42	33 Bay Street Tower 2D	XR2231-4200069			$ 1,041.25
Section 42	105 George Street	XR2231-4200487			$ 629,137.48
Section 42	105 George Street	XR2231- 4200154			$ 32,799.00
Section 42	373 Ontario Street	XR22314200394			$ 21,300.00
Section 42	1 The Esplanade (5-7 The Esplanade)	XR2231- 4200503			$ 427,133.20
Subtotal				$1,000,000.00	$3,507,535.51
2014 and 2015 TOTAL				$ 4,507,535.51

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

Meeting No.	54	Contact	Kelly McCarthy, Committee Administrator
Meeting Date	Thursday, May 1, 2014	Phone	416-392-4666
Start Time	9:30 AM	E-mail	buc@toronto.ca
Location	Committee Room 1, City Hall	Chair	Councillor Frank Di Giorgio

Committee Decision
The Budget Committee recommends to the Executive Committee that: 1. City Council amend the 2014 Parks, Forestry and Recreation Capital Budget for the capital project known as Berczy Park Construction (CPR117-44-22), in the amount of $4.507 million to a total value of $8.007 million, and to be cash flowed as follows: $1.000 million in 2014 and $3.507 million in 2015, with a net zero impact financed from Section 42, Section 37 and Section 45 funds.