To All Commissioners
Re: Financial Update – Capital Budget Programs – March 31, 2018
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2018 Capital Program Summary for the three month period ending March 31, 2018.
Summary of 2018 Capital Budget Program Activity
Three Months Ending March 31, 2018
| Amount | ||||
| Over Budget | ||||
| Description | Actual | Budget | (Under Budget) | |
| Program | ||||
| Stop Upgrades | $ 21,278 | $ 37,000 | $ 15,722 | |
| Service Fleet | 33,971 | 40,000 | 6,029 | |
| Shop Equipment | 15,568 | 200,000 | 184,432 | |
| Software and Hardware | 96,897 | 600,000 | 503,103 | |
| Facility Upgrades | – | 300,000 | 300,000 | |
| Bus Replacement (8) | – | 4,560,800 | 4,560,800 | |
| Bus Expansion (4) | 20,080 | 2,378,400 | 2,358,320 | |
| 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 | – | 605,000 | 605,000 | |
| Total | $ 187,796 | $ 12,341,200 | $ 12,153,404 | |
| Funding | ||||
| Provincial Gas Tax | $ 40,907 | $ 5,429,200 | $ 5,388,293 | |
| Capital Program Reserve | 126,808 | 627,000 | 500,192 | |
| City of London | 20,080 | 4,785,000 | 4,764,920 | |
| Federal Gas Tax | – | 1,500,000 | 1,500,000 | |
| Total | $ 187,796 | $ 12,341,200 | $ 12,153,404 | |
The following programs are underway through the first three months of the year.
Stop Upgrades
The costs incurred to date are attributable to the remaining expenditures from the 2017 shelter installs. As outlined in Staff Report #2, dated April 25, 2018, an additional $73,000 is requested to carry out the planned 2018 shelter program. This addition along with the remaining $15,700 will enable the purchase and installation of 10 shelters.
Service Fleet
The costs incurred to date are attributable to the purchase of a new service van. Outstanding expenditures are related to the lighting kits and ancillary equipment required for the van. See Staff Report #8, dated April 25, 2018.
Shop Equipment
Expenditures incurred to date relate to the ongoing monthly purchase of shop tools. The items indicated in Staff Report #8, dated April 25, 2018 as completed all currently have invoices outstanding.
Software and Hardware
The costs incurred to date are attributable to the replacement of the Specialized scheduling system and other workstation and networking equipment replacements. Work on these projects is scheduled to continue for the remainder of the year.
Bus Purchases
The costs incurred to date are attributable to the early purchase of ancillary equipment required for the 2018 bus expansion and replacement projects. Staff Report #8, dated April 25, 2018 discusses the timing and issues related to these programs.
The remaining programs are scheduled to commence in the remainder of 2018. 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