Staff Report #9
October 25, 2023
To All Commissioners
Re: Financial Update – Specialized Transit Services – Operating Budget – September 30, 2023
That the report be NOTED and FILED.
Set out in the table below is the Statement of Operations for Specialized Transit Services for the nine-month period ending September 30, 2023. The statement sets out actual to budget performance for the period.
London Transit Commission Statement of Operations – Specialized Transit Services Nine Months Ending September 30, 2023 (000’s omitted)
|Description||Actual||Budget||Amount Better (Worse)||Percent Better (Worse)|
|Transportation||$ 356.9||$ 422.1||$ (65.2)||(15.4)%|
|Province-provincial gas tax||1,354.3||1,354.3||–||0.0 %|
|City of London||6,914.4||6,914.4||–||0.0 %|
|Personnel cost||961.1||999.9||38.8||3.9 %|
|Contract service cost||6,620.6||7,565.8||945.2||12.5 %|
|All other material expense||113.6||125.1||11.5||9.2 %|
|Total expenditure||7,695.3||8,690.8||995.5||11.5 %|
|Net favourable/(unfavourable)||$ 930.4||$ –||$ 930.4||10.7 %|
As indicated in the above table, the service has a net favourable operating budget performance to date of 10.7% or $930,400. An explanation of the variances is set out below.
Net Operating Costs
- unfavourable transportation revenue of $65,200 due to lower ridership than planned;
- favourable personnel costs of $38,800 due to timing of vacancies and less than anticipated overtime; and
- favourable contract service costs of $945,200 due to lower than budgeted service hours utilized.
The following table sets out actual to budget ridership and other performance related measures as well as a comparison to the same period in the previous year.
Ridership and Other Statistics Actual vs. Budget Nine Months Ending September 30, 2023 (000’s omitted)
|Description||Actual||Budget||Variance||% Variance||2022 Actual||% Variance|
|Eligible passenger trips||178,104||195,400||(17,296)||(8.9)%||155,066||14.9 %|
|Attendant/companion trips||12,758||22,300||(9,542)||(42.8)%||10,260||24.3 %|
|Total Trips||190,862||217,700||(26,838)||(12.3)%||165,326||15.4 %|
|Average fare||$ 1.870||$ 1.939||$ (0.069)||(3.6)%||$ 1.936||(3.4)%|
|Service Hours||95,474||108,981||(13,507)||(12.4)%||90,929||5.0 %|
|EPT per service hour||1.87||1.79||0.07||4.0 %||1.71||9.4 %|
|Total trips per service hour||2.00||2.00||0.00||0.0 %||1.82||10.0 %|
Administration will continue to monitor the operating budget performance reporting on same on a monthly basis including providing recommendations as may be appropriate.
Mike Gregor, Director of Finance
Concurred in by:
Kelly S. Paleczny, General Manager