|
Decision Letter |
|
Budget Committee |
| Meeting No. | 5 (Special) | Contact | Jennifer Forkes, Committee Administrator | |
| Meeting Date |
Friday, February 13, 2015 |
Phone | 416-392-4666 | |
| Start Time |
9:30 AM |
buc@toronto.ca | ||
| Location |
Committee Room 1, City Hall
|
Chair | Councillor Gary Crawford |
| BU5.5 | 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 that:
1. City Council receive the report (January 29, 2015) from the Deputy City Manager and Chief Financial Officer for information. |
|
| Origin |
| (January 29, 2015) Report from the 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 2015 Operating Budget.
Ontario Regulation 286/09 "Budget Matters – Expenses" requires that the City 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 2015 Operating and Capital budgets have been prepared on the modified cash basis and therefore exclude the expenses listed above. |
| Background Information |
| (January 29, 2015) Report from the Deputy City Manager and Chief Financial Officer on Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets (http://www.toronto.ca/legdocs/mmis/2015/bu/bgrd/backgroundfile-75972.pdf) |