Staff Report #9 – Financial Update – Capital Budget Programs – March 31, 2022

Staff Report #9

April 27, 2022

To All Commissioners

Re: Financial Update – Capital Budget Programs – March 31, 2022

Recommendation

That the report be NOTED and FILED.

Background

Summarized in the table below is the 2022 Capital Program Summary for the three-month period ending March 31, 2022.

Summary of 2021 Capital Budget Program Activity Three Months Ending March 31, 2022

Description  Actual  Budget Amount
Under Budget (Over Budget)
Program
Bus replacement $ 43,170  $ 11,583,900  $ 11,540,730
Bus expansion 3,335,000 3,335,000
Facility upgrades 603,000 603,000
Fare processing equipment 2,495,000 2,495,000
Information systems & hardware 93,781 730,000 636,219
Shop & garage equipment 20,755 200,000 179,245
Service fleet replacement 50,000 50,000
Stop upgrades 866,900 866,900
Bus stop amenities 1,045,000 1,045,000
Fleet radio replacement 625,000 625,000
Smart card program 505,000 505,000
TMP 2030 – BRT Strategy 1,500,000 1,500,000
Total $ 157,706  $ 23,538,800  $ 23,381,094
Funding
Provincial Gas Tax $ – $ 7,388,600  $ 7,388,600
Capital Program Reserve 114,536 1,846,900 1,732,364
City – Development Charges 355,700 355,700
City of London 43,170 7,869,700 7,826,530
City – Federal Gas Tax 2,866,000 2,866,000
ICIP – Provincial 1,459,900 1,459,900
ICIP – Federal 1,752,000 1,752,000
Total $ 157,706  $ 23,538,800  $ 23,381,094

The following programs are underway through the first three months of the year, with narrative focusing on the year-to-date progress.

Bus replacement – Some of the peripheral equipment (cameras, etc.) has started to arrive in anticipation of the receipt of replacement and expansion buses.

Information systems & hardware – Expenditures incurred to date for the purchasing of workstations and networking equipment.

Shop and garage equipment – Expenditures incurred to date relate to the ongoing monthly purchase of shop tools and equipment.

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