Staff Report #10
November 24, 2021
To All Commissioners
Re: Financial Update – Capital Budget Programs – October 31, 2021
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2021 Capital Program Summary for the ten-month period ending October 31, 2021.
Summary of 2021 Capital Budget Program Activity Ten Months Ending October 31, 2021
| Description | Actual | Budget | Amount Under Budget (Over Budget) |
|
| Program | ||||
| Stop Upgrades | $ – | $ 743,700 | $ 743,700 | |
| Service Fleet | 36,198 | 50,000 | 13,802 | |
| Shop Equipment | 60,551 | 200,000 | 139,449 | |
| Software and Hardware | 194,736 | 680,000 | 485,264 | |
| Facility Upgrades | 246,727 | 500,000 | 253,273 | |
| Bus Replacements | 10,325,747 | 10,619,900 | 294,153 | |
| Bus Expansion | 1,263,633 | 1,300,400 | 36,767 | |
| Bus Stop Amenities | 58,512 | 1,100,000 | 1,041,488 | |
| Fleet Radio Replacement | – | 625,000 | 625,000 | |
| TMP 2030 – BRT Strategy | – | 1,500,000 | 1,500,000 | |
| Fare Processing Equipment | – | 2,495,000 | 2,495,000 | |
| Smart Card Program | 22,288 | 295,000 | 272,712 | |
| Total | $ 12,208,392 | $ 20,109,000 | $ 7,900,608 | |
| Funding | ||||
| Provincial Gas Tax | $ 2,278,833 | $ 6,615,700 | $ 4,336,867 | |
| Capital Program Reserve | 291,486 | 1,463,700 | 1,172,214 | |
| City of London | 5,802,561 | 7,403,400 | 1,600,839 | |
| Federal – ICIP | 528,858 | 960,200 | 431,342 | |
| Provincial – ICIP | 440,653 | 800,000 | 359,347 | |
| Federal Gas Tax | 2,866,000 | 2,866,000 | – | |
| Total | $ 12,208,392 | $ 20,109,000 | $ 7,900,608 | |
The following programs are underway through the first ten months of the year, with narrative focusing on the year-to-date progress.
Service Fleet – The replacement vehicle for the Inspector fleet was purchased and has been fully outfitted and placed into service.
Shop Equipment – Expenditures incurred to date relate to the ongoing monthly purchase of shop tools and equipment.
Software and Hardware – Expenditures incurred to date for the purchasing of workstations and networking equipment as well as upgrades to the Kronos timekeeping system in Fleet and Facilities.
Facility Upgrades – Expenditures incurred to date for the replacement of doors in C-Barn, upgrades to the lighting at Wonderland, upgrades to the fueling system, as well as siding and concrete repairs at Highbury.
Bus Replacement & Expansion – Expenditures incurred to date for all 19 buses shipped and received as well as the ancillary equipment required for outfitting. A few costs remain outstanding relating to additional ancillary equipment.
Bus Stop Amenities – Expenditures incurred to date for the concrete pads required for the additional shelters to be installed in 2021 as part of the ICIP funded project.
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