Staff Report #13
April 24, 2024
To All Commissioners
Re: Financial Update – Capital Budget Programs – March 31, 2024
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2024 Capital Program Summary for the three-month period ending March 31, 2024.
Summary of 2024 Capital Budget Program Activity Three Months Ending March 31, 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 | 1,514,509 | 8,495,000 | 6,980,491 | |
| Facility upgrades | 15,434 | 801,800 | 786,366 | |
| Fare processing equipment | – | 2,495,000 | 2,495,000 | |
| Information systems & hardware | 32,584 | 1,188,000 | 1,155,416 | |
| Shop & garage equipment | 58,052 | 240,000 | 181,948 | |
| Service fleet replacement | 62,958 | 155,000 | 92,042 | |
| 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 | $ 14,119,584 | $ 70,288,500 | $ 56,168,916 | |
| Funding | ||||
| Provincial Gas Tax | $ 5,521,546 | $ 7,731,300 | $ 2,209,754 | |
| Capital Program Reserve | 153,595 | 1,683,000 | 1,529,405 | |
| City of London | 601,814 | 28,937,700 | 28,335,886 | |
| City – Federal Gas Tax | 6,732,500 | 10,732,500 | 4,000,000 | |
| ICIP – Provincial | 503,325 | 3,736,200 | 3,231,875 | |
| ICIP – Federal | 604,804 | 4,487,800 | 3,881,996 | |
| Senior Government | – | 12,980,000 | 12,980,000 | |
| Total | $ 14,119,584 | $ 70,288,500 | $ 56,168,916 | |
The following programs are underway through the first three months of the year, with narrative focusing on the year-to-date progress.
Bus replacement (2023) – All of the buses have arrived on property with 12 of the 15 outfitted and on road. Note the project is a carry forward from 2023 with the ancillary equipment having arrived last year, with only inspection costs outstanding.
Bus expansion – The order of 10 expansion buses is online with the first bus having arrived on property. The remaining buses will be delivered in the second quarter and will be outfitted for service.
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 commence 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, including applicable lights and decals. A replacement for the mobile van has also been ordered, with delivery expected in the coming weeks. Work will commence immediately to outfit the vehicle for service.
Smart card program – Expenditures incurred to date relate to the handheld project that is currently in progress.
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