FINANCE AND ADMINISTRATION REPORT - 1st QUARTER BUDGET VARIANCE AND CAPITAL PROJECT UPDATE REPORT

TOWN OF VIEW ROYAL Finance & Administration Report

TO: Committee of the Whole DATE: April 5, 2018 FROM: Dawn Christenson, Director of Finance MEETING DATE: April 10, 2018

1st QUARTER BUDGET VARIANCE AND CAPITAL PROJECT UPDATE REPORT

RECOMMENDATION:

THAT the Committee receive the 1st Quarter Budget Variance and Capital Project Update Report 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 the end of second quarter 2018.

BACKGROUND:

In March 2018 Council adopted a five-year financial plan (Bylaw 988) 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 Project Update are provided to inform Council of the financial results of delivering services and capital projects to the end of the first 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 no notable exceptions.

Staff will continue to monitor financial results to ensure delivery of services and capital projects within the allocated budgets. 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 1st Quarter Budget Variance and Capital Project Update Report for information.

SUBMITTED BY:

Dawn Christenson, BAccS, CPA, CGA Director of Finance

REVIEWED BY:

Kim Anema, Chief Administrative Officer

Attachments:

• Appendix A: 1st Quarter Consolidated Budget Variance
• Appendix B: Capital Project Update