Staff Report #10
May 31, 2023
To All Commissioners
Re: Financial Update – Specialized Transit Services – Operating Budget – April 30, 2023
That the report be NOTED and FILED.
Set out in the table below is the Statement of Operations for Specialized Transit Services for the four-month period ending April 30, 2023. The statement sets out actual to budget performance for the period.
London Transit Commission Statement of Operations – Specialized Transit Services Four Months Ending April 30, 2023 (000’s omitted)
|Description||Actual||Budget||Amount Better (Worse)||Percent Better (Worse)|
|Transportation||$ 148.5||$ 163.6||$ (15.1)||(9.2)%|
|Province-provincial gas tax||601.8||601.8||–||0.0 %|
|City of London||2,600.7||2,600.7||–||0.0 %|
|Personnel cost||411.1||425.8||14.7||3.5 %|
|Contract service cost||2,699.0||2,889.2||190.2||6.6 %|
|All other material expense||48.3||51.1||2.8||5.5 %|
|Total expenditure||3158.3||3,366.1||207.8||6.2 %|
|Net favourable/(unfavourable)||$ 192.6||$ –||$ 192.6||5.7 %|
As indicated in the above table, the service has a net favourable operating budget performance to date of 5.7% or $192,600. An explanation of the variances is set out below.
Net Operating Costs
- unfavourable transportation revenue of $15,100 due to lower ridership than planned;
- favourable personnel costs of $14,700 due to timing of vacancies and less than anticipated overtime; and
- favourable contract service costs of $190,200 due to lower than budgeted service hours utilized.
The table below sets out actual to budget ridership and other performance related measures as well as a comparison to the same period in the previous year.
Ridership and Other Statistics Actual vs. Budget Four Months Ending April 30, 2023 (000’s omitted)
|Description||Actual||Budget||Variance||% Variance||2022 Actual||% Variance|
|Eligible passenger trips||72,692||75,500||(2,808)||(3.7)%||62,454||16.4 %|
|Attendant/companion trips||5,058||8,700||(3,642)||(41.9)%||3,726||35.7 %|
|Total Trips||77,750||84,200||(6,450)||(7.7)%||66,180||17.5 %|
|Average fare||$ 1.910||$ 1.943||$ (0.033)||(1.7) %||$ 1.952||(2.2)%|
|Service Hours||39,230||42,000||(2,770)||(6.6) %||40,788||(3.8)%|
|EPT per service hour||1.85||1.80||0.05||3.1 %||1.53||21.0 %|
|Total trips per service hour||1.98||2.00||(0.02)||(1.1)%||1.62||22.1 %|
Administration will continue to monitor the operating budget performance reporting on same on a monthly basis including providing recommendations as may be appropriate.
Mike Gregor, Director of Finance
Concurred in by:
Kelly S. Paleczny, General Manager