Staff Report #12
April 24, 2019
To All Commissioners
Re: Financial Update – Capital Budget Programs – March 31, 2019
That the report be NOTED and FILED.
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
|Stop Upgrades||$ –||$ 37,000||$ 37,000|
|Software and Hardware||–||600,000||600,000|
|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|
|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.
The costs incurred to-date are attributable to the purchase of a new service van. The project is complete.
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.
Mike Gregor, Director of Finance
Concurred in by:
Kelly S. Paleczny, General Manager