Staff Report #9
April 28, 2021
To All Commissioners
Re: Financial Update – Capital Budget Programs – March 31, 2021
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2021 Capital Program Summary for the three-month period ending March 31, 2021.
Summary of 2021 Capital Budget Program Activity Three Months Ending March 31, 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 | 10,949 | 200,000 | 189,051 | |
| Software and Hardware | 79,928 | 680,000 | 600,072 | |
| Facility Upgrades | – | 500,000 | 500,000 | |
| Bus Replacements | – | 10,619,900 | 10,619,900 | |
| Bus Expansion | – | 1,300,400 | 1,300,400 | |
| 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 | $ 127,075 | $ 20,109,000 | $ 19,981,925 | |
| Funding | ||||
| Provincial Gas Tax | $ – | $ 6,615,700 | $ 6,615,700 | |
| Capital Program Reserve | 127,075 | 1,463,700 | 1,336,625 | |
| City of London | – | 7,403,400 | 7,403,400 | |
| Federal – ICIP | – | 960,200 | 960,200 | |
| Provincial – ICIP | – | 800,000 | 800,000 | |
| Federal Gas Tax | – | 2,866,000 | 2,866,000 | |
| Total | $ 127,075 | $ 20,109,000 | $ 19,981,925 | |
The following programs are just slightly underway through the first three 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.
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