Finance and Administration Report: Capital Projects Update
A status report on the Town's capital expenditures for 2017, including projects requiring budget carry-forwards.
TOWN OF VIEW ROYAL Finance and Administration Report
TO: Committee of the Whole DATE: January 10, 2018 FROM: Steven Vella, Manager of Accounting MEETING: January 16, 2018
Capital Projects Update
RECOMMENDATION:
THAT the Committee receive the December 31, 2017 Capital Project Report for information.
CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To provide Council with information regarding Capital Projects expenditures and projected completion dates.
INFORMATION:
For 2017, the Town has approved capital expenditures of $3,024,635. The attached report outlines expenditures to December 31, 2017 and current projected completion dates. Due to timing differences of when goods are shipped and invoiced, these expenditure values are preliminary. Final costs will be reported as part of the 2017 financial statements. Anticipated final costs are within a 10% variance of budget, with few exceptions.
The projects noted below were approved by Council, but inadvertently excluded from the Financial Plan bylaw and will require a bylaw amendment.
| Project | Year to Date | Budget Amendment | Approval |
|---|---|---|---|
| Park shop repair | 12,060 | 12,100 | 2016 budget carry forward ($13,500) |
| Public Safety Building signage | 52,784 | 52,800 | 2016 budget carry forward ($94,718) |
| Park vehicle ½ ton pickup | 39,982 | 40,000 | 2016 budget carry forward ($30,000) |
| Chancellor park play surface | 19,122 | 30,000 | April 4, 2017 COW |
RECOMMENDATION:
THAT the Committee receive the December 31, 2017 Capital Projects Update Report for information.
SUBMITTED BY:
S. Vella, Manager of Accounting
REVIEWED BY:
D. Christenson, Director of Finance
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