Finance and Administration Report - Capital Projects Update
Report informing Council on the status of 2018 capital projects, noting that approximately 60% were completed.
TOWN OF VIEW ROYAL
Finance and Administration Report
TO: Committee of the Whole DATE: January 3, 2019
FROM: S. Vella, Manager of Accounting MEETING: January 8, 2019
Capital Projects Update
RECOMMENDATION:
THAT the Committee receive the Capital Projects Update report dated January 8, 2019 for information.
CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To inform Council regarding the status of 2018 capital projects and anticipated completion dates.
INFORMATION:
Included in the approved 2018-2022 Financial Plan is a total of $3,099,085 for 2018 capital projects. The attached report outlines budgeted and actual expenditures by capital project to December 31, 2018 with anticipated completion dates. Note that in some instances a capital project may be listed as “Complete” but the year to date expenditures are significantly lower than the budget for that project. This is due to the practice of only processing payment after services are delivered and goods received.
Approximately 60% of the capital projects were completed in 2018. Anticipated final costs are within a 10% variance of budget, with no exceptions other than previously reported.
RECOMMENDATION:
THAT the Committee receive the Capital Projects Update report dated January 8, 2019 for information.
SUBMITTED BY: Steven Vella, Manager of Finance
REVIEWED BY: Dawn Christenson, Director of Finance
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