Staff Report #7 – Financial Update – Capital Budget Programs – April 30, 2021

Staff Report #7

May 26, 2021

To All Commissioners

Re: Financial Update – Capital Budget Programs – April 30, 2021

Recommendation

That the report be NOTED and FILED.

Background

Summarized in the table below is the 2021 Capital Program Summary for the four-month period ending April 30, 2021.

Summary of 2021 Capital Budget Program Activity Four Months Ending April 30, 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 28,567 200,000 171,433
Software and Hardware 91,683 680,000 588,317
Facility Upgrades 75,710 500,000 424,290
Bus Replacements 121,514 10,619,900 10,498,386
Bus Expansion 11,022 1,300,400 1,289,378
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 $ 364,694  $ 20,109,000  $ 19,744,306
Funding
Provincial Gas Tax $ 11,022 $ 6,615,700  $ 6,604,678
Capital Program Reserve 156,448 1,463,700 1,307,252
City of London 197,224 7,403,400 7,206,176
Federal – ICIP 960,200 960,200
Provincial – ICIP 800,000 800,000
Federal Gas Tax 2,866,000 2,866,000
Total $ 364,694  $ 20,109,000  $ 19,744,306

The following programs are underway through the first four 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 as well as upgrades to the Kronos timekeeping system in Fleet and Facilities.

Facility Upgrades – Expenditures incurred to date for the replacement of doors in C-Barn, as well as upgrades to the fueling system.

Bus Replacement & Expansion – Expenditures incurred to date for ancillary equipment pertaining to both the replacement and expansion bus projects. As a result of the third wave of the pandemic, factory shutdowns by the manufacturer and its suppliers have delayed the original bus delivery dates, the extent of which is not known at the time this report was prepared.

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