TTC capital budget explained9/9/16 6:00 AM
Earlier this week (Sept. 6), the TTC Board’s Budget Committee met to consider the emerging TTC capital budget for the years 2017-2026.
Every year, the TTC, along with all other City departments, proposes a capital budget to take account of emerging needs, changed circumstances and proposed new capital investments over the next 10 years.
This year’s TTC submission is different for a number of reasons, each a result of our ongoing overhaul of business practices and the modernization of how we run the organization.
Firstly, we have developed a methodology to prioritize how we spend scarce capital dollars to ensure that we tackle areas of greatest need first and to invest in programs that give the greatest safety and customer benefit. This methodology is particularly useful if additional funds become available, because business cases will have already been developed to identify what is the next most important project to get underway.
Secondly, we have conducted a review of the TTC’s ability to spend the total allotment of money in its annual capital budget. Like any big organization, it is not always possible to spend 100 per cent of a budget that totals in excess of $1 billion, so we have identified areas of likely under-spend that would enable us to transfer funds to other projects. This means that, over the next 10 years, we will be able to deliver more improvements for the same amount without impacting the scope or timeline of critical projects already underway.
While the budget will not be finalized by City Council until early next year, the work we have undertaken positions us to continue investing in the areas that matter: new vehicles and infrastructure as part of a modernized TTC.
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