Item - 2020.EX13.3
Tracking Status
- City Council adopted this item on February 19, 2020 without amendments and without debate.
- This item was considered by the Executive Committee on February 13, 2020 and adopted without amendment. It will be considered by City Council on February 19, 2020.
EX13.3 - Additional City of Toronto Reporting Requirement as a Result of Ontario Regulation 286/09, Budget Matters - Expenses
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on February 19, 2020, adopted the following:
1. City Council receive the report (January 9, 2020) from the Chief Financial Officer and Treasurer for information.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2020/ex/bgrd/backgroundfile-145889.pdf
(January 9, 2020) Report from the Chief Financial Officer and Treasurer on Additional City of Toronto Reporting Requirement as a Result of Ontario Regulation 286/09, Budget Matters - Expenses
https://www.toronto.ca/legdocs/mmis/2020/ex/bgrd/backgroundfile-145888.pdf
EX13.3 - Additional City of Toronto Reporting Requirement as a Result of Ontario Regulation 286/09, Budget Matters - Expenses
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council receive the report (January 9, 2020) from the Chief Financial Officer and Treasurer for information.
Origin
Summary
At its meeting of February 4, 2020, the Budget Committee adopted Item BU16.3 headed "Additional City of Toronto Reporting Requirement as a Result of Ontario Regulation 286/09, Budget Matters - Expenses" and made recommendations to the Executive Committee.
Ontario Regulation 286/09 "Budget Matters - Expenses" (Regulation) allows the City of Toronto (City) to exclude amortization expense, post-employment benefit expenses and solid waste landfill closure and post-closure expenses when preparing its annual budget. However, the Regulation requires that the City prepare a report which includes at a minimum, an estimate of the change in accumulated surplus resulting from the exclusion of the noted expenses from the budget, and an analysis of the impact of the exclusion on future capital asset funding requirements. The Regulation requires that this report be adopted by City Council (Council) prior to the adoption of its annual budget.
This report discusses the impact of excluding amortization expense, post-employment benefit expenses and solid waste landfill closure and post-closure expenses from the City's budget, along with the impact of the differences between how the City treats the purchase of tangible capital assets, debt principal repayments, Government Business Enterprise earnings, and expenses arising from contaminated site liabilities for budgeting and financial reporting purposes. The items treated differently for accounting versus budget purposes, beyond those identified in the Regulation, are included to reflect the complete impact on estimated accumulated surplus for 2020.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/ex/bgrd/backgroundfile-145889.pdf
(January 9, 2020) Report from the Chief Financial Officer and Treasurer on Additional City of Toronto Reporting Requirement as a Result of Ontario Regulation 286/09, Budget Matters - Expenses
https://www.toronto.ca/legdocs/mmis/2020/ex/bgrd/backgroundfile-145888.pdf
Motions
Vote (Adopt Item) Feb-13-2020
Result: Carried | Majority Required |
---|---|
Total members that voted Yes: 8 | Members that voted Yes are Paul Ainslie, Ana Bailão, Gary Crawford, Denzil Minnan-Wong, Frances Nunziata, James Pasternak, Michael Thompson, John Tory (Chair) |
Total members that voted No: 0 | Members that voted No are |
Total members that were Absent: 0 | Members that were absent are |