Staff Report #10
October 30, 2019
To All Commissioners
Re: Financial Update – Capital Budget Programs – September 30, 2019
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2019 Capital Program Summary for the nine month period ending September 30, 2019.
Summary of 2019 Capital Budget Program Activity
Nine Months Ending September 30, 2019
| Description | Actual | Budget | Amount Under Budget (Over Budget) |
|
| Program | ||||
| Stop Upgrades | $ 199,096 | $ 37,000 | $ (162,096) | |
| Service Fleet | 37,795 | 40,000 | 2,205 | |
| Shop Equipment | 110,447 | 200,000 | 89,553 | |
| Software and Hardware | 36,660 | 600,000 | 563,340 | |
| Facility Upgrades | 343,358 | 500,000 | 156,642 | |
| Bus Replacement (8) | 103,245 | 4,748,000 | 4,644,755 | |
| Bus Expansion (1) | 42,450 | 623,500 | 581,050 | |
| Fleet Radio Replacement | – | 625,000 | 625,000 | |
| TMP 2030 – BRT Strategy | – | 1,500,000 | 1,500,000 | |
| Fare Processing Equipment | – | 1,495,000 | 1,495,000 | |
| Smart Card Program | 162,816 | 500,000 | 337,184 | |
| Total | $ 1,035,867 | $ 10,868,500 | $ 9,832,633 | |
| Funding | ||||
| Provincial Gas Tax | $ 205,267 | $ 4,616,600 | $ 4,411,333 | |
| Capital Program Reserve | 383,997 | 667,000 | 283,003 | |
| City of London | 446,603 | 4,084,900 | 3,638,297 | |
| Federal Gas Tax | – | 1,500,000 | 1,500,000 | |
| Total | $ 1,035,867 | $ 10,868,500 | $ 9,832,633 | |
The following programs are underway through the first nine months of the year, with narrative focusing on the year-to-date progress.
Stop Upgrades – Expenditures incurred to-date related to the installation of concrete bus stop pads necessary for upcoming service changes.
Service Fleet – The costs incurred to-date are attributable to the purchase of a new service van. The project is complete.
Shop Equipment – Expenditures incurred to-date relate to the ongoing monthly purchase of shop tools and equipment including a sandblaster. This budget is utilized throughout the year as equipment and tools are required.
Software and Hardware – Expenditures incurred to-date for the purchasing of workstations and networking equipment.
Facility Upgrades – Expenditures incurred to-date for the upgrades to lighting in A-Barn, floor and drain repairs in C-Barn and asphalt replacement at the 450 Highbury location.
Bus Replacement (8) & Bus Expansion (1) – Expenditures incurred to-date for purchase of ancillary equipment.
Smart Card Program – Expenditures incurred to-date for the purchase of additional smart card stock.
Administration will continue to monitor actual to budget performance and report to the Commission on a monthly basis.
Recommended by:
Mike Gregor, Director of Finance
Concurred in by:
Kelly S. Paleczny, General Manager