WSPR STAFF REPORT - 2021 Requisition Request & Five-Year Financial Plan 2021-2025

STAFF REPORT

1767 Island Highway Victoria BC V9B IJI PH: 250 478-8384 FX: 250 474-8650 www.jdfrecreation.com


TO:	West Shore Parks & Recreation Board Members
FROM:	Ben Currie, Manager of Finance and Administration
DATE:	Nov 25, 2020
SUBJECT:	2021 Requisition Request & Five-Year Financial Plan 2021-2025

RECOMMENDATION:

That the West Shore Parks & Recreation Finance Committee Members review and recommend the approval of the West Shore Parks & Recreation 2021 Budget and Requisition to the Board of Directors.

BACKGROUND:

Included in this package you will find the above noted financial information for the West Shore Parks & Recreation Society. The package has been divided into the following sections to aid in analysis: Five Year Financial Plan 2021 to 2025, the proposed 2021 budget compared to 2020 budget, 2021 Capital Summary, Reserve Continuity, Requisition Request, Assessment Totals, Impact to Taxation, Operating Income and the Operating Summary.

The Consolidated Five Year Financial Plan is a new schedule included with the budget book for this year. It has been added to provide the board with the same look and feel as the Financial Plan Bylaw completed by each of the municipalities.

DISCUSSION:

The 2021 West Shore Parks & Recreation Society’s requisition request is for $5,268,635, which is a $197,596 or 3.9.% increase over the 2020 approved requisition. The proposed budget considers a full year of continued operations with reduced services due to COVID-19.

The Financial Plan does not include the costs for opening the pool in 2021. A separate report for the COVID-19 Safe Restart Grant will follow this report. This request includes the pool re-opening and additional services that the Board may consider providing to the community.

The 2021 operating budget includes the following:

Non-discretionary increase in expenses:
Sufficient Wage increase for Collective Bargaining Agreement
Net Expenditure Decreases due to COVID:
- Overall $2,826,776 reduction of operation costs due to COVID.
Net Revenue Decreases due to COVID:
- Overall $3,024,372 reduction of budgeted revenue due to COVID.
Due to COVID, the transfer to General Capital has been reduced to $237,206 from $347,206.

2021 Capital projects include:

Project	Amount
FITNESS EQUIPMENT
Treadmills	20,000
VEHICLE REPLACEMENT
Maintenance	39,000
Golf Course & Lawn Bowls	18,000
Parks	135,000
MAJOR SITE MAINTENANCE
JDF Emergency Generator	30,000
Pool Diving Boards	20,000
Pool Main Filter	90,000
Seniors Outside Deck Roof	7,000
Seniors Annex Roof	10,000
Q Centre Heat Exchanger	30,000
Q Centre Floor Lighting	45,000
JDF Childcare Centre	2,799,465
JDF Arena Floor Replacement	998,271
MAJOR PARKS MAINTENANCE
Roadway Repair	45,000
Court Lining	5,000
JDF Lacrosse Box Boards	4,000
NEW INTIATIVES
Skate Park	1,075,000
Server Storage	30,000
Recreation Software RFP	125,000
Web Site	50,000
TOTAL CAPITAL EXPENDITURES	$5,575,736

Capital Funding Includes:

Funding Source	Amount
Fitness Equipment Reserve	20,000
Childcare BC New Spaces Grant	2,299,465
UBCM Childcare Spaces Grant	500,000
Federal Infrastructure Improvement Grant	998,271
Community Economic Recovery Infrastructure Program	1,075,000
Capital Reserve	683,000
TOTAL FUNDING	$5,575,736

Projected Reserve Balances Include:

Reserve	Equipment Replacement Reserve 2021	General Capital Reserve
Opening Balance	250,322	1,553,787
Contributions	155,000	237,206
Less: Expenses	20,000	683,000
Ending Balance	$385,322	$1,107,993

FINANCIAL IMPLICATIONS:

The 2021 Budget and requisition request of $5,268,635 is an increase of $197,596 or 3.9% over the approved 2020 Requisition.

Respectfully Submitted,

Ben Currie Manager of Finance and Administration

Grant Brown Administrator

Attachments: Five Year Financial Plan and Supporting Documents