Item - 2018.EX31.3
Tracking Status
- City Council adopted this item on February 12, 2018 without amendments.
- This item was considered by the Executive Committee on February 6, 2018 and adopted without amendment. It will be considered by City Council on February 12, 2018.
EX31.3 - Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
City Council Decision
City Council on February 12, 2018, adopted the following:
1. City Council receive the report (January 8, 2018) from the Interim Chief Financial Officer for information.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2018/ex/bgrd/backgroundfile-112257.pdf
(January 8, 2018) Report from the Interim Chief Financial Officer on Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets
https://www.toronto.ca/legdocs/mmis/2018/ex/bgrd/backgroundfile-112258.pdf
Motions (City Council)
Vote (Adopt Item) Feb-12-2018 7:49 PM
Result: Carried | Majority Required - EX31.3 - Adopt the Item |
---|---|
Total members that voted Yes: 39 | Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bailão, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Josh Colle, Gary Crawford, Joe Cressy, Vincent Crisanti, Janet Davis, Glenn De Baeremaeker, Frank Di Giorgio, Sarah Doucette, John Filion, Paula Fletcher, Michael Ford, Mary Fragedakis, Jim Hart, Michelle Holland, Stephen Holyday, Jim Karygiannis, Chin Lee, Josh Matlow, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Jaye Robinson, Neethan Shan, David Shiner, Michael Thompson, John Tory, Lucy Troisi, Kristyn Wong-Tam |
Total members that voted No: 2 | Members that voted No are Giorgio Mammoliti, Anthony Perruzza |
Total members that were Absent: 4 | Members that were absent are Justin J. Di Ciano, Mark Grimes, Norman Kelly, Mike Layton |
EX31.3 - Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council receive the report from the Interim Chief Financial Officer (January 8, 2018) for information.
Origin
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 2018 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 2018 Operating and Capital budgets have been prepared on the modified cash basis and therefore exclude the expenses listed above.
Background Information
https://www.toronto.ca/legdocs/mmis/2018/ex/bgrd/backgroundfile-112257.pdf
(January 8, 2018) Report from the Interim Chief Financial Officer on Additional City of Toronto Act Reporting Requirements as a Result of Recording of Tangible Capital Assets
https://www.toronto.ca/legdocs/mmis/2018/ex/bgrd/backgroundfile-112258.pdf