Staff Report #7
May 26, 2021
To All Commissioners
Re: Financial Update – Capital Budget Programs – April 30, 2021
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2021 Capital Program Summary for the four-month period ending April 30, 2021.
Summary of 2021 Capital Budget Program Activity Four Months Ending April 30, 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 | 28,567 | 200,000 | 171,433 | |
| Software and Hardware | 91,683 | 680,000 | 588,317 | |
| Facility Upgrades | 75,710 | 500,000 | 424,290 | |
| Bus Replacements | 121,514 | 10,619,900 | 10,498,386 | |
| Bus Expansion | 11,022 | 1,300,400 | 1,289,378 | |
| Bus Stop Amenities | – | 1,100,000 | 1,100,000 | |
| 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 | – | 295,000 | 295,000 | |
| Total | $ 364,694 | $ 20,109,000 | $ 19,744,306 | |
| Funding | ||||
| Provincial Gas Tax | $ 11,022 | $ 6,615,700 | $ 6,604,678 | |
| Capital Program Reserve | 156,448 | 1,463,700 | 1,307,252 | |
| City of London | 197,224 | 7,403,400 | 7,206,176 | |
| Federal – ICIP | – | 960,200 | 960,200 | |
| Provincial – ICIP | – | 800,000 | 800,000 | |
| Federal Gas Tax | – | 2,866,000 | 2,866,000 | |
| Total | $ 364,694 | $ 20,109,000 | $ 19,744,306 | |
The following programs are underway through the first four 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, as well as upgrades to the fueling system.
Bus Replacement & Expansion – Expenditures incurred to date for ancillary equipment pertaining to both the replacement and expansion bus projects. As a result of the third wave of the pandemic, factory shutdowns by the manufacturer and its suppliers have delayed the original bus delivery dates, the extent of which is not known at the time this report was prepared.
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