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The Finance and Corporate Services Committee today received several annual and regular updates on key files to support transparency to residents and support the City’s financial management and legal responsibilities.
The Committee was updated on Legal Services' activity and results in Q3 and Q4, 2024. The reported outcomes are consistent with past reports and highlight the City’s preference to resolve legal disputes without the expense of full proceedings. The City was awarded favourable decisions or orders in 33 of the 37 cases that concluded in the second half of 2024. The City’s in-house legal staff led 85 per cent of the current 532 litigation matters involving the City. The other 15 per cent were referred to external counsel, either at the direction of the City’s insurer or due to the scope, complexity or volume of the litigation.
The Committee received an annual update on its budget expenses pursuant to Ontario Regulation 284/09. The 2025 report highlights the non-cash items required to present the City’s 2025 Budget on a full accrual basis. Like other municipalities, the City prepares its annual budget on a modified accrual or cash basis. The accounting standards require that financial statements consider non-cash items to reflect the City’s overall financial position. Full accrual adjustments for 2025 show a budgeted annual surplus of $1.03 billion. This represents an improvement in the City’s financial position from an accrual accounting basis.
The Committee also received the 2024 Statement of Remuneration, Benefits and Expenses Paid to Members of Council and Council Appointees, as required under the Municipal Act. Remuneration includes salaries, retirement allowances and honorariums. Benefits consist of long-term disability, life insurance, extended health care, dental care, defined retirement and other taxable benefits. Travel allowances are comprised of monthly car allowances, the taxable benefit portion of transit passes, and parking passes. Expense reimbursements are for direct payments made to Members of Council and Council appointees for out-of-pocket expenses, such as hospitality, computer supplies and equipment, office supplies and attendance on behalf of the City at meetings or conferences.
The Committee also approved advancing expropriation proceedings to protect construction timing for the Baseline Transit Priority Phase Project. The larger project involves the construction of a 14 km bus rapid transit corridor on Baseline Road between Bayshore Station and Heron Station. This expropriation deals with the Baseline Road and Greenbank Road section of the project. The City will continue efforts to settle compensation payable to the owners of the lands through negotiation and through the process established in the Expropriations Act. Affected properties include a former gas station, a private residential dwelling, a condo and the Pinecrest Remembrance Services cemetery.
These items will rise to Council on Wednesday, March 26.
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The Committee was updated on Legal Services' activity and results in Q3 and Q4, 2024. The reported outcomes are consistent with past reports and highlight the City’s preference to resolve legal disputes without the expense of full proceedings. The City was awarded favourable decisions or orders in 33 of the 37 cases that concluded in the second half of 2024. The City’s in-house legal staff led 85 per cent of the current 532 litigation matters involving the City. The other 15 per cent were referred to external counsel, either at the direction of the City’s insurer or due to the scope, complexity or volume of the litigation.
The Committee received an annual update on its budget expenses pursuant to Ontario Regulation 284/09. The 2025 report highlights the non-cash items required to present the City’s 2025 Budget on a full accrual basis. Like other municipalities, the City prepares its annual budget on a modified accrual or cash basis. The accounting standards require that financial statements consider non-cash items to reflect the City’s overall financial position. Full accrual adjustments for 2025 show a budgeted annual surplus of $1.03 billion. This represents an improvement in the City’s financial position from an accrual accounting basis.
The Committee also received the 2024 Statement of Remuneration, Benefits and Expenses Paid to Members of Council and Council Appointees, as required under the Municipal Act. Remuneration includes salaries, retirement allowances and honorariums. Benefits consist of long-term disability, life insurance, extended health care, dental care, defined retirement and other taxable benefits. Travel allowances are comprised of monthly car allowances, the taxable benefit portion of transit passes, and parking passes. Expense reimbursements are for direct payments made to Members of Council and Council appointees for out-of-pocket expenses, such as hospitality, computer supplies and equipment, office supplies and attendance on behalf of the City at meetings or conferences.
The Committee also approved advancing expropriation proceedings to protect construction timing for the Baseline Transit Priority Phase Project. The larger project involves the construction of a 14 km bus rapid transit corridor on Baseline Road between Bayshore Station and Heron Station. This expropriation deals with the Baseline Road and Greenbank Road section of the project. The City will continue efforts to settle compensation payable to the owners of the lands through negotiation and through the process established in the Expropriations Act. Affected properties include a former gas station, a private residential dwelling, a condo and the Pinecrest Remembrance Services cemetery.
These items will rise to Council on Wednesday, March 26.
Related topics
查看原文...
