Staff Report #10
May 29, 2024
To All Commissioners
Re: Financial Update – Specialized Transit Services – Operating Budget – April 30, 2024
Recommendation
That the report be NOTED and FILED.
Background
Set out in the table below is the Statement of Operations for Specialized Transit Services for the four-month period ending April 30, 2024. The statement sets out actual to budget performance for the period.
London Transit Commission Statement of Operations – Specialized Transit Services Four Months Ending April 30, 2024 (000’s omitted)
| Description | Actual | Budget | Amount Better (Worse) | Percent Better (Worse) | |
| Revenue | |||||
| Transportation | $ 248.7 | $ 272.6 | $ (23.9) | (8.8)% | |
| City of London | 4,315.7 | 4,315.7 | – | 0.0 % | |
| Total revenue | 4,564.4 | 4,588.3 | (23.9) | (0.5)% | |
| Expenditure | |||||
| Personnel cost | 447.4 | 482.8 | 35.4 | 7.3 % | |
| Contract service cost | 3,880.9 | 4,017.4 | 136.5 | 3.4 % | |
| All other material expense | 78.5 | 88.1 | 9.6 | 10.9 % | |
| Total expenditure | 4,406.8 | 4,588.3 | 181.5 | 4.0 % | |
| Net favourable/(unfavourable) | $ 157.5 | $ – | $ 157.5 | 3.4 % | |
As indicated in the above table, the service has a net favourable operating budget performance to date of 3.4% or $157,500. An explanation of the variances is set out below.
Net Operating Costs
- unfavourable transportation revenue of $23,900 due to lower ridership than planned;
- favourable personnel costs of $35,400 due to timing of vacancies and less than anticipated overtime; and
- favourable contract service costs of $136,500 due to lower than budgeted service hours utilized.
Ridership
The following table sets out actual to budget ridership and other performance related measures as well as a comparison to the same period in the previous year.
Ridership and Other Statistics Actual vs. Budget Four Months Ending April 30, 2024 (000’s omitted)
| Description | Actual | Budget | Variance | % Variance | 2023 Actual | % Variance | |
| Eligible passenger trips | 92,099 | 104,600 | (12,501) | (12.0)% | 72,692 | 26.7 % | |
| Attendant/companion trips | 9,201 | 8,500 | 701 | 8.2 % | 5,058 | 81.9 % | |
| Total Trips | 101,300 | 113,100 | (11,800) | (10.4)% | 77,750 | 30.3 % | |
| Average fare | $ 2.455 | $ 2.410 | $ 0.044 | 1.8 % | $ 1.910 | 28.5 % | |
| Service Hours | 54,608 | 56,528 | (1,920) | (3.4)% | 39,230 | 39.2 % | |
| Total trips per service hour | 1.86 | 2.00 | (0.14) | (7.3)% | 1.98 | (6.4)% | |
Administration will continue to monitor the operating budget performance reporting on same on a monthly basis including providing recommendations as may be appropriate.
Recommended by:
Mike Gregor, Director of Finance
Concurred in by:
Kelly S. Paleczny, General Manager