Staff Report #8 – Financial Update – Capital Budget Programs – May 31, 2023

Staff Report #8

June 28, 2023

To All Commissioners

Re: Financial Update – Capital Budget Programs – May 31, 2023

Recommendation

That the report be NOTED and FILED.

Background

Summarized in the table below is the 2023 Capital Program Summary for the five-month period ending May 31, 2023.

Summary of 2023 Capital Budget Program Activity Five Months Ending May 31, 2023

Description  Actual  Budget Amount Under (Over Budget)
Program
Bus replacement $ 295,361  $ 12,848,300  $ 12,552,939
Facility upgrades 171,332 751,600 580,268
Fare processing equipment 2,495,000 2,495,000
Information systems & hardware 143,267 1,054,000 911,533
Shop & garage equipment 82,220 200,000 117,780
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 $ 692,180  $ 22,574,500  $ 21,882,320
Funding
Provincial Gas Tax $ – $ 7,773,300  $ 7,773,300
Capital Program Reserve 225,487 2,325,900 2,100,413
City of London 466,693 2,815,400 2,348,707
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 $ 692,180  $ 22,574,500  $ 22,882,320

The following programs are underway through the first five months of the year, with narrative focusing on the year-to-date progress.

Bus replacement – Some of the peripheral equipment (cameras, AVL) has started to arrive in anticipation of the receipt of replacement buses.

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

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