Item - 2011.EX1.10

The purpose of this report is to present to City Council for its consideration a 2011 Budget Process that responds to a request from the previous Council for staff to propose a budget process that complies with the 2006 City of Toronto Act (CoTA) to the new Executive Committee at its first meeting.

In compliance with the CoTA, the recommended 2011 budget process fulfills the City's obligation to “prepare and adopt a budget including estimates of all sums required during the year” for the purpose of continuing the business of the City.  It is designed to ensure that both the Tax Levy and Rate Supported Capital and Operating Budgets are approved by February 28, 2011 with minimal impact on best practices.  It is noted that, as directed by Council, the recommended budget process does not include the Budget Committee briefings stage of the budget process.  A 2012 budget process that sets out budget reductions strategies and timelines is discussed in this report.  Staff will present a more comprehensive budget process that incorporates service planning and review, and a role for Standing Committees for consideration prior the summer of 2011.