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