Staff Report #7
June 30, 2021
To All Commissioners
Re: Financial Update – Capital Budget Programs – May 31, 2021
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2021 Capital Program Summary for the five-month period ending May 31, 2021.
Summary of 2021 Capital Budget Program Activity Five Months Ending May 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 | 38,556 | 200,000 | 161,444 | |
| Software and Hardware | 91,886 | 680,000 | 588,114 | |
| Facility Upgrades | 129,256 | 500,000 | 370,744 | |
| Bus Replacements | 121,514 | 10,619,900 | 10,498,386 | |
| Bus Expansion | 29,736 | 1,300,400 | 1,270,664 | |
| 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 | $ 447,146 | $ 20,109,000 | $ 19,661,854 | |
| Funding | ||||
| Provincial Gas Tax | $ 29,736 | $ 6,615,700 | $ 6,585,964 | |
| Capital Program Reserve | 166,640 | 1,463,700 | 1,297,060 | |
| City of London | 250,770 | 7,403,400 | 7,152,630 | |
| Federal – ICIP | – | 960,200 | 960,200 | |
| Provincial – ICIP | – | 800,000 | 800,000 | |
| Federal Gas Tax | – | 2,866,000 | 2,866,000 | |
| Total | $ 447,146 | $ 20,109,000 | $ 19,661,854 | |
The following programs are underway through the first five 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, upgrades to the lighting at Wonderland 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 further impacted the delivery schedule of the new buses. At the time of writing five buses have arrived with one more expected during the week ending June 26, 2021. Further updates will follow as delivery timelines are confirmed beyond these initial six deliveries.
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