3rd QUARTER BUDGET VARIANCE AND CAPITAL PROJECT UPDATE REPORT
Financial report summarizing the Town's budget status and progress on capital projects through the third quarter of 2017.
TOWN OF VIEW ROYAL Council Report
TO: Council DATE: October 11, 2017 FROM: Steven Vella, Manager of Accounting MEETING DATE: October 17, 2017
3rd QUARTER BUDGET VARIANCE AND CAPITAL PROJECT UPDATE REPORT
RECOMMENDATION:
THAT Council receive the 3rd Quarter Budget Variance and Capital Project Update Report for information.
CHIEF ADMINISTRATIVE OFFICER’S 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 October 11, 2017.
BACKGROUND:
In May 2017 Council adopted a five-year financial plan (Bylaw 967) 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 October 11, 2017.
DISCUSSION:
Analysis shows that revenues and expenses to date are within expected variances at the three-quarter point in the fiscal year with few exceptions, as noted below:
| Category | Variance amount | Explanation |
|---|---|---|
| Sales of services and other revenue | $916,583 | Proceeds from sale of property; corresponding recognition of costs and transfers to reserves not yet completed |
| General capital | $834,000 | Projects deferred |
| Sewer capital | $246,000 | Projects deferred |
| General capital | $86,600 | 2016 projects not completed by year end; 2017 financial plan amendment pending |
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 Council receive the 3rd Quarter Budget Variance and Capital Project Update Report for information.
SUBMITTED BY:
Steven Vella, CPA, CGA
Manager of Accounting
REVIEWED BY:
Kim Anema, Chief Administrative Officer
Attachments:
- Appendix A: 3rd Quarter Consolidated Budget Variance
- Appendix B: Capital Project Update
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