No Missing Money in Brampton’s Capital Accounts

March 7, 2014 - Press Releases

A Statement from Brampton CAO John Corbett

“This morning an article was published in the Toronto Star that contains misleading and inaccurate information about the state of the City of Brampton’s capital accounts. This misinformation is now being further reported by other media outlets.

To be clear, there is no missing money in the City of Brampton’s capital accounts.

As part of our financial management practices, we have an obligation to annually review the status of our capital projects to assess their status and make recommendations with respect to potentially reallocate money to meet emerging and new priorities. While in previous years, only the total amount of unspent capital projects was reported, this year we reviewed the capital accounts on a project-by-project basis.

The staff report indicated a preliminary figure of approximately $700 million in unspent capital, some of which may be available for potential reallocation. Other unspent amounts are on hold pending a determination of how to revitalize projects that are currently delayed due to factors such as outstanding approvals from other levels of government.

The City of Brampton is committed to utilizing taxpayers’ funds to maximize efficiencies and we will continue to use financial management best practices to that end.”