Staff Report #11 – Financial Update – Capital Budget Programs – April 30, 2023

Staff Report #11

May 31, 2023

To All Commissioners

Re: Financial Update – Capital Budget Programs – April 30, 2023

Recommendation

That the report be NOTED and FILED.

Background

Summarized in the table below is the 2023 Capital Program Summary for the four-month period ending April 30, 2023.

Summary of 2023 Capital Budget Program Activity Nine Months Ending April 30, 2023

Description  Actual  Budget Amount Under Budget (Over Budget)
Program
Bus replacement $ 84,766  $ 12,848,300  $ 12,763,534
Facility upgrades 81,760 751,600 669,840
Fare processing equipment 2,495,000 2,495,000
Information systems & hardware 143,267 1,054,000 911,533
Shop & garage equipment 74,089 200,000 125,911
Service fleet replacement 130,000 130,000
Stop upgrades 941,100 941,100
Bus stop amenities 578,700 578,700
Fleet radio replacement 625,000 625,000
Smart card program 450,000 450,000
Highbury facility rebuild 2,500,000 2,500,000
Total $ 383,881  $ 22,574,500  $ 22,190,619
Funding
Provincial Gas Tax $ – $ 7,773,300  $ 7,773,300
Capital Program Reserve 217,356 2,325,900 2,108,544
City of London 166,525 2,815,400 2,648,875
City – Federal Gas Tax 7,403,000 7,403,000
ICIP – Provincial 1,025,400 1,025,400
ICIP – Federal 1,231,500 1,231,500
Total $ 383,881  $ 22,574,500  $ 22,190,619

The following programs are underway through the first four 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 buses.

Facility upgrades – Projects underway include hoist repairs, lighting & security cameras.

Information systems & hardware – Expenditures incurred to date for the purchase 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