Finance and Administration Report - BUDGET VARIANCE AND CAPITAL PROJECTS UPDATE REPORT TO JUNE 30, 2019
Quarterly financial update report monitoring the results of Town operations and capital project progress.
TOWN OF VIEW ROYAL
Finance & Administration Report
TO: Committee of the Whole DATE: July 4, 2019 FROM: Steven Vella, Manager of Accounting MEETING DATE: July 9, 2019
BUDGET VARIANCE AND CAPITAL PROJECTS UPDATE REPORT TO JUNE 30, 2019
RECOMMENDATION:
THAT the Committee receive the Budget Variance and Capital Projects Update Report to June 30, 2019 for information.
CHIEF ADMINISTRATIVE OFFICER COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To provide Council with information regarding the financial results of operations and progress of capital projects to June 30, 2019.
BACKGROUND:
In April 2019 Council adopted a five-year financial plan (Bylaw 1018) that identifies revenue and expense targets and authorizes capital projects to further its strategic objectives. The attached Appendix A – Consolidated Budget Variance and Appendix B – Capital Projects Update are provided to inform Council of the financial results of delivering services and capital projects to the end of the second quarter this year.
DISCUSSION:
Analysis shows that revenues and expenses to date are within expected variances to the end of this quarter in the fiscal year with the exceptions noted below:
| Project | Budget | Actual | Variance | Explanation |
|---|---|---|---|---|
| Ford F350 additions | $0.00 | $8,862 | ($8,862) | Project expenditures and funding not carried forward from 2018 |
| Watkiss Way improved pedestrian walkway | $0.00 | $4,499 | ($4,499) | Project expenditures and funding not carried forward from 2018 |
Staff will continue to monitor financial results to ensure delivery of services and capital projects within the allocated budgets. Where applicable, staff will seek budget amendment approval in due course once the final funding requirements are known.
Should corrective measures be necessary, staff will inform Council of the effect, if any, on service levels or project completion timelines.
RECOMMENDATION:
THAT the Committee receive the Budget Variance and Capital Projects Update Report to June 30, 2019 for information.
SUBMITTED BY:
Steven Vella, CPA, CGA Manager of Finance
REVIEWED BY:
D. Christenson, Director of Finance
Attachments: Appendix A: Consolidated Budget Variance Appendix B: Capital Projects Update
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