Staff Report #8
September 25, 2019
To All Commissioners
Re: Financial Update – Capital Budget Programs – August 31, 2019
Recommendation
That the report be NOTED and FILED.
Background
Summarized in the table below is the 2019 Capital Program Summary for the eight-month period ending August 31, 2019.
Summary of 2019 Capital Budget Program Activity
Eight Months Ending August 31, 2019
| Description | Actual | Budget | Amount
Under Budget (Over Budget) |
|
| Program | ||||
| Stop Upgrades | $ 199,096 | $ 37,000 | $ (162,096) | |
| Service Fleet | 37,795 | 40,000 | 2,205 | |
| Shop Equipment | 107,788 | 200,000 | 92,212 | |
| Software and Hardware | 36,660 | 600,000 | 563,340 | |
| Facility Upgrades | 343,358 | 500,000 | 156,642 | |
| Bus Replacement (8) | 123,637 | 4,748,000 | 4,624,363 | |
| Bus Expansion (1) | – | 623,500 | 623,500 | |
| Fleet Radio Replacement | – | 625,000 | 625,000 | |
| TMP 2030 – BRT Strategy | – | 1,500,000 | 1,500,000 | |
| Fare Processing Equipment | – | 1,495,000 | 1,495,000 | |
| Smart Card Program | 162,816 | 500,000 | 337,184 | |
| Total | $ 1,011,150 | $ 10,868,500 | $ 9,857,350 | |
| Funding | ||||
| Provincial Gas Tax | $ 162,816 | $ 4,616,600 | $ 4,453,784 | |
| Capital Program Reserve | 381,338 | 667,000 | 285,662 | |
| City of London | 466,995 | 4,084,900 | 3,617,905 | |
| Federal Gas Tax | – | 1,500,000 | 1,500,000 | |
| Total | $ 1,011,150 | $ 10,868,500 | $ 9,857,350 | |
The following programs are underway through the first eight months of the year, with narrative focusing on the year-to-date progress.
Stop Upgrades – Expenditures incurred to-date related to the installation of concrete bus stop pads necessary for upcoming service changes.
Service Fleet – The costs incurred to-date are attributable to the purchase of a new service van. The project is complete.
Shop Equipment – Expenditures incurred to-date relate to the ongoing monthly purchase of shop tools and equipment including a sandblaster. This budget is utilized throughout the year as equipment and tools are required.
Software and Hardware – Expenditures incurred to-date for the purchasing of workstations and networking equipment.
Facility Upgrades – Expenditures incurred to-date for the upgrades to lighting in A-Barn, floor and drain repairs in C-Barn and asphalt replacement at the 450 Highbury location.
Bus Replacement (8) – Expenditures incurred to-date for purchase of ancillary equipment.
Smart Card Program – Expenditures incurred to-date for the purchase of additional smart card stock.
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