Item - 2015.EX10.28

The purpose of this report is to provide Council with the City of Toronto Capital Variance for the nine months period ended September 30, 2015, as well as projected actual expenditures to December 31, 2015. Furthermore, this report seeks Council's approval for in-year budget adjustments to the 2015 Approved Capital Budget.

The report also identifies 152 completed capital projects that have a combined budget of $267.708 million are ready to be closed and have been completed under budget, resulting in savings of $31.448 million that will be returned to their original funding sources, including a savings of $9.290 million in debt funding, $1.449 million in recoverable debt funding, $19.886 million in reserve funding, $0.153 million in federal subsidies and $0.669 million in CFC funding.

Table 1

Nine Months and YE Projected Spending Rate

The spending pattern for the first nine months of 2015 is consistent with prior years. As detailed by City Program and Agency in Appendix 1, actual expenditures to year-end are expected to reach $3.238 billion or 76.9% of the total 2015 Approved Capital Budget. Eighteen of 33 City Programs and Agencies are projecting spending in excess of 70% by year-end: Tax Supported Programs project a spending rate of 76.2% to year-end; while Rate Supported Programs project year-end spending rate of 79.8%.

Chart 1

2010 – 2015 Capital Budget Spend Rate

(See Chart 1 titled 2010-2015 Capital Budget Spend Rate

in the Summary Section of the report dated October 29, 2015

from the Deputy City Manager and Chief Financial Officer)

Over the past 4 years both the approved capital budget (including carry forward funding) and the actual spending have been trending at a relatively steady rate, resulting in an average spending rate of 62% as outlined in Chart 1 above.