Finance and Administration Report - Capital Projects Update

Finance and Administration Report

TO: Committee of the Whole
DATE: January 8, 2020
FROM: Steven Vella, Manager of Accounting
MEETING: January 14, 2020

Capital Projects Update

RECOMMENDATION:

THAT the Committee receive the January 14, 2020 Capital Projects Update Report for information.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To provide Council with information regarding Capital Project expenditures and projected completion dates.

INFORMATION:

For 2019, the Town approved capital expenditures of $3,639,512. The attached report outlines budgeted and actual expenditures to December 31, 2019 and projected completion dates. Due to timing differences between internal reporting timelines and invoices from the vendor, there may exist variances between reported costs and actual costs of some projects. As invoices are processed, a more complete calculation of actual variances will be made.

Staff has determined that 71% of planned projects were completed in 2019. This is slightly lower than the original projection of 82%. While some projects were substantially complete at year end, work required to put the assets into use remains be done in 2020.

RECOMMENDATION:

THAT the Committee receive the January 14, 2020 Capital Projects Update Report for information.

SUBMITTED BY:

S. Vella, Manager of Accounting

REVIEWED BY:

D. Christenson, Director of Finance