Staff Report #11
May 29, 2024
To All Commissioners
Re: Financial Update – Capital Budget Programs – April 30, 2024
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2024 Capital Program Summary for the four-month period ending April 30, 2024.
Summary of 2024 Capital Budget Program Activity Four Months Ending April 30, 2024
| Description | Actual | Budget | Amount Under Budget (Over Budget) |
|
| Program | ||||
| Bus replacement (2023) | $ 12,144,788 | $ 12,177,800 | $ 33,012 | |
| Bus replacement (2024) | – | 14,918,300 | 14,918,300 | |
| Bus expansion | 1,848,293 | 8,495,000 | 6,646,707 | |
| Facility upgrades | 22,274 | 801,800 | 779,526 | |
| Fare processing equipment | – | 2,495,000 | 2,495,000 | |
| Information systems & hardware | 62,372 | 1,188,000 | 1,125,628 | |
| Shop & garage equipment | 73,907 | 240,000 | 166,093 | |
| Service fleet replacement | 137,780 | 155,000 | 17,220 | |
| Stop upgrades | – | 100,000 | 100,000 | |
| Bus stop amenities | – | 224,600 | 224,600 | |
| Fleet radio replacement | – | 625,000 | 625,000 | |
| Smart card program | 291,259 | 408,000 | 116,741 | |
| Highbury facility rebuild | – | 2,500,000 | 2,500,000 | |
| Zero emission bus pilot | – | 25,960,000 | 25,960,000 | |
| Total | $ 14,580,673 | $ 70,288,500 | $ 55,707,827 | |
| Funding | ||||
| Provincial Gas Tax | $ 5,521,547 | $ 7,731,300 | $ 2,209,753 | |
| Capital Program Reserve | 274,059 | 1,683,000 | 1,408,941 | |
| City of London | 697,776 | 28,937,700 | 28,239,924 | |
| City – Federal Gas Tax | 6,732,500 | 10,732,500 | 4,000,000 | |
| ICIP – Provincial | 615,474 | 3,736,200 | 3,120,726 | |
| ICIP – Federal | 739,317 | 4,487,800 | 3,748,483 | |
| Senior Government | – | 12,980,000 | 12,980,000 | |
| Total | $ 14,580,673 | $ 70,288,500 | $ 55,707,827 | |
The following programs are underway through the first four months of the year, with narrative focusing on the year-to-date progress.
Bus replacement (2023) – All of the buses have arrived and are now in service.
Bus expansion – All 10 expansion buses have arrived on property and are currently being outfitted for service. Note the expenditures above only include one bus as the remaining nine were received in May.
Facility upgrades – The facility upgrade program is just slightly underway with costs incurred to date pertaining to camera installation at both facilities. The bulk of the sub-projects within the program will continue in the second quarter, including stairs to the body shop roof and door replacements at Wonderland.
Information systems & hardware – Expenditures incurred to date for the purchase of workstations and networking equipment.
Shop and garage equipment – Expenditures incurred to date relate to the ongoing monthly purchase of shop tools and miscellaneous equipment (parts washer).
Service fleet replacement – Expenditures incurred to date relate to the purchase of a new Inspector van, along with a mobile mechanic’s van. The Inspector van is now in service, while the mobile is currently being outfitted for service.
Smart card program – Expenditures incurred to date relate to the handheld project that is currently in progress for the Specialized Service.
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