Staff Report #8
October 27, 2022
To All Commissioners
Re: Financial Update – Capital Budget Programs – September 30, 2022
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2022 Capital Program Summary for the nine-month period ending September 30, 2022.
Summary of 2022 Capital Budget Program Activity Nine Months Ending September 30, 2022
| Description | Actual | Budget | Amount Under Budget (Over Budget) |
|
| Program | ||||
| Bus replacement | $ 7,916,047 | $ 12,361,300 | $ 4,445,253 | |
| Bus expansion | 113,721 | 3,551,000 | 3,437,279 | |
| Facility upgrades | 292,326 | 603,000 | 310,674 | |
| Fare processing equipment | – | 2,495,000 | 2,495,000 | |
| Information systems & hardware | 106,687 | 730,000 | 623,313 | |
| Shop & garage equipment | 91,256 | 200,000 | 108,744 | |
| Service fleet replacement | 40,742 | 50,000 | 9,258 | |
| Stop upgrades | – | 866,900 | 866,900 | |
| Bus stop amenities | 394,344 | 1,045,000 | 650,656 | |
| Fleet radio replacement | – | 625,000 | 625,000 | |
| Smart card program | 47,216 | 505,000 | 457,784 | |
| TMP 2030 – BRT Strategy | – | 1,500,000 | 1,500,000 | |
| Total | $ 9,002,338 | $ 24,532,200 | $ 15,529,862 | |
| Funding | ||||
| Provincial Gas Tax | $ 47,216 | $ 8,166,000 | $ 8,118,786 | |
| Capital Program Reserve | 238,685 | 1,846,900 | 1,608,215 | |
| City – Development Charges | 12,170 | 380,000 | 367,830 | |
| City of London | 5,809,978 | 7,904,100 | 2,094,122 | |
| City – Federal Gas Tax | 2,521,747 | 2,866,000 | 344,253 | |
| ICIP – Provincial | 169,318 | 1,530,800 | 1,361,482 | |
| ICIP – Federal | 203,226 | 1,838,400 | 1,635,174 | |
| Total | $ 9,002,338 | $ 24,532,200 | $ 15,529,862 | |
The following programs are underway through the first nine months of the year, with narrative focusing on the year-to-date progress.
Bus replacement/expansion – At the time of writing, fifteen buses are on property, with above expenditures relating to the eleven buses received prior to October along with peripheral equipment (cameras, fareboxes, etc.) received to date.
Facility upgrades – projects underway at including painting, paving, concrete work 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. Fifteen of the remaining 30 shelters have been installed with the remainder expected to be completed in the final quarter of 2022.
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