Community and Corporate Services Committee Meeting
|Date:||September 15, 2015|
|Time:||1:00 PM and reconvening at 6:30 PM, if required|
|Location:||Council Chambers, Level 2, City Hall|
City staff report to council on variances from budget that are greater than $100,000, either favourable (under budget) or unfavourable (over budget). Some highlights as of June 30, 2015, with year-end projections, include:
Winter Maintenance $(232k) Unfavourable – largely due to extreme weather conditions
Transit $440k Favourable (year-end projection is $133k F) – largely due to savings from staff gapping and diesel costs as a result of timing of expanded services and lower fuel prices. This is partially offset by lower transit revenues resulting from lower than anticipated ridership
Transit fare revenue $271k Unfavourable (year-end projection is $ 603k U) – Lower than anticipated ridership for early 2015 has resulted in lower fare revenues collected.This trend is anticipated to continue for the remainder of the year.
Interest Earned $1.445m Favourable (year-end projection $250k) – result of capital gains realized offset by a low interest rate environment.
Overall, staff are projecting a year-end budget surplus of $981k.
Once the final amount is quantified, staff will provide recommendations to council for allocating any surplus to: the 2016 Operating Budget to help finance one-time expenditures; and to replenish Reserve and Reserve Funds.
To read the staff report, visit the C&CS Sept. 15 Agenda, Item #5.