Staff Report #8
August 31, 2022
To All Commissioners
Re: Financial Update – Capital Budget Programs – July 31, 2022
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2022 Capital Program Summary for the seven-month period ending July 31, 2022.
Summary of 2022 Capital Budget Program Activity Seven Months Ending July 31, 2022
| Description | Actual | Budget | Amount Under Budget (Over Budget) |
|
| Program | ||||
| Bus replacement | $ 503,648 | $ 12,361,300 | $ 11,857,652 | |
| Bus expansion | 113,721 | 3,551,000 | 3,437,279 | |
| Facility upgrades | 130,812 | 603,000 | 472,188 | |
| Fare processing equipment | – | 2,495,000 | 2,495,000 | |
| Information systems & hardware | 104,654 | 730,000 | 625,346 | |
| Shop & garage equipment | 78,438 | 200,000 | 121,562 | |
| Service fleet replacement | 40,742 | 50,000 | 9,258 | |
| Stop upgrades | – | 866,900 | 866,900 | |
| Bus stop amenities | 194,616 | 1,045,000 | 850,384 | |
| Fleet radio replacement | – | 625,000 | 625,000 | |
| Smart card program | – | 505,000 | 505,000 | |
| TMP 2030 – BRT Strategy | – | 1,500,000 | 1,500,000 | |
| Total | $ 1,166,631 | $ 24,532,200 | $ 23,365,569 | |
| Funding | ||||
| Provincial Gas Tax | $ – | $ 8,166,000 | $ 8,166,000 | |
| Capital Program Reserve | 223,834 | 1,846,900 | 1,623,066 | |
| City – Development Charges | 12,170 | 380,000 | 367,830 | |
| City of London | 704,551 | 7,904,100 | 7,199,549 | |
| City – Federal Gas Tax | – | 2,866,000 | 2,866,000 | |
| ICIP – Provincial | 102,742 | 1,530,800 | 1,428,058 | |
| ICIP – Federal | 123,335 | 1,838,400 | 1,715,065 | |
| Total | $ 1,166,631 | $ 24,532,200 | $ 23,365,569 | |
The following programs are underway through the first seven months of the year, with narrative focusing on the year-to-date progress.
Bus replacement / expansion – Some of the peripheral equipment (cameras, fareboxes, etc.) have started to arrive in anticipation of the receipt of replacement and expansion buses. At time of writing, two buses have been received with an uncertain shipment schedule from New Flyer for the remaining buses.
Facility upgrades – projects underway at Highbury facility including painting and gate upgrades.
Information systems & hardware – Expenditures incurred to date for the purchasing of workstations and networking equipment.
Service fleet replacement – receipt in June of replacement inspector van.
Shop and garage equipment – Expenditures incurred to date relate to the ongoing monthly purchase of shop tools and equipment.
Bus stop amenities – nearly half of the 60 bus shelters were installed in late 2021 and into the first quarter of 2022. The remaining 30 shelters will be installed upon arrival expected in late 2022 along with bus stop lighting
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