Staff Report #12
April 24, 2019
To All Commissioners
Re: Financial Update – Capital Budget Programs – March 31, 2019
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2019 Capital Program Summary for the three month period ending March 31, 2019.
Summary of 2019 Capital Budget Program Activity
Three Months Ending March 31, 2019
| Amount | ||||
| Under Budget | ||||
| Description | Actual | Budget | (Over Budget) | |
| Program | ||||
| Stop Upgrades | $ – | $ 37,000 | $ 37,000 | |
| Service Fleet | 37,795 | 40,000 | 2,205 | |
| Shop Equipment | 39,744 | 200,000 | 160,256 | |
| Software and Hardware | – | 600,000 | 600,000 | |
| Facility Upgrades | – | 500,000 | 500,000 | |
| Bus Replacement (8) | – | 4,748,000 | 4,748,000 | |
| Bus Expansion (1) | – | 623,500 | 623,500 | |
| Fleet Radio Replacement | – | 625,000 | 625,000 | |
| TMP 2030 – BRT Strategy | – | 1,500,000 | 1,500,000 | |
| Fare Processing Equipment | – | 1,495,000 | 1,495,000 | |
| Smart Card Program | – | 500,000 | 500,000 | |
| Total | $ 77,539 | $ 10,868,500 | $ 10,760,961 | |
| Funding | ||||
| Provincial Gas Tax | $ – | $ 4,616,600 | $ 4,616,600 | |
| Capital Program Reserve | 77,539 | 667,000 | 589,461 | |
| City of London | – | 4,084,900 | 4,084,900 | |
| Federal Gas Tax | – | 1,500,000 | 1,500,000 | |
| Total | $ 77,539 | $ 10,868,500 | $ 10,790,961 | |
The following programs are underway through the first three months of the year, with narrative focusing on the YTD progress.
Service Fleet
The costs incurred to-date are attributable to the purchase of a new service van. The project is complete.
Shop Equipment
Expenditures incurred to-date relate to the ongoing monthly purchase of shop tools and equipment. This budget is utilized throughout the year as equipment and tools are required.
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