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HomeMy WebLinkAboutFCS-14-099 - 2014 April Variance Report Staff Report rTC.�tr R finance and Corporate Services Department www.kitchener.ca REPORT TO: Finance and Corporate Services Committee DATE OF MEETING: June 9, 2014 SUBMITTED BY: Ryan Hagey, Director of Financial Planning 519-741-2200 x 7353 PREPARED BY: Debra Fagerdahl, Manager of Financial Planning 519-741-2200 x 7114 WARD(S) INVOLVED: All DATE OF REPORT: May 28, 2014 REPORT NO.: FCS- 14-099 SUBJECT: 2014 April Variance Report RECOMMENDATION: For information BACKGROUND: This is the first report to Council regarding the City's financial performance versus the 2014 budget. The report and attached schedules include information regarding: • tax supported services • rate supported enterprises/utilities, and • supplementary information related to investment income Variances are normal as operations rarely exactly reflect budgeted expectations. Because of this, the City maintains stabilization reserves which have minimum/maximum targets based on the variability of the activities. REPORT: Significant projected variances (over $200,000) are summarized below. Additional details are provided in Schedule 1 for variances that exceed $50,000 and/or 10% of budget. Operating Fund—Tax Base (Schedule 1) Based on results as at the end of April, staff are projecting a $991,000 deficit in tax supported operations as of the end of 2014. The deficit equates to a 0.59% variance from the operating expenditure budget of$168M and is caused primarily by increased costs associated with the harsh winter experienced at the start of the year. The projected deficit of$991,000 is similar to the projected deficit of$924,000 as of April 2013. No extraordinary mitigating measures are being proposed at this time with respect to the year-end projected deficit as the variance is primarily caused by a single main contributing factor (extreme IF2 - 1 winter weather) and there is potential funding available from the Ontario Ice Storm Assistance Program to offset some of these costs. As well, many seasonal activities have not yet commenced and could result in surpluses that would offset the projected deficit. Staff will remain diligent in managing their individual budgets and the Corporate Leadership Team will continue to monitor the corporate results in order mitigate the potential for a deficit at the end of the year. Significant Proiected Variances (over$200,000) Infrastructure Services Department: • Operations — Administration is projecting a deficit of $234,000 by year-end largely due to higher than budget fleet costs. • Operations — Environmental Services is projecting a deficit of$200,000 by year-end and this is largely due to the continued storm clean up. • Operations—Winter Maintenance currently has a deficit of$1.OM and is projecting a deficit of $900,000 by year-end. The year-end deficit assumes normal November and December winter weather with cost savings from changes in schedules and efficiencies introduced. General Revenue: • Payments in Lieu is projecting a surplus of$220,000 due to the courthouse PIL. • Investment Income is projecting a surplus of $235,000 and accounts for expected balances and rates until the end of the year. Building Enterprise Schedule 2 IIII,IIII II IIII IIII III II I III I IIIIIIIII II IIIIIIIII"m"m®"m m���, ��� Building (172) (572) 400 The Building Enterprise has a deficit of $172,000 which is $400,000 better than the budget. This improvement is largely due to higher than expected revenues for row housing permits and some larger scale projects. Golf Courses (Schedule 3) IIII,IIII II IIII IIII III II I III I IIIIIIIII II IIIIIIIII"m"m®"m m���, ��� IIIIII . ; Golf (200) (102) (98) The Golf Enterprise has a deficit of$200,000 which is $98,000 more than the budget and is due to reduced revenues. Late openings and weather challenges are largely responsible for the reduced golf revenues. Revenues year-to-date are $213,000 compared to budget of$422,000 resulting in a $209,000 unfavourable variance. This is partially off-set by a correlated reduction in expenses. IF2 - 2 Parkinq Enterprise (Schedule 4) IIII,IIII II IIII IIII III II I III I IIIIIIIII II IIIIIIIII"m"m® ' m�, � Parking (309) (292) (17) The Parking Enterprise is mainly on target with a deficit of$309,000 which is just slightly more than the budget deficit of $292,000. Actual revenues of $2.1M and expenses of $1.8M are in line with budget. Water Utility(Schedule 5) IIII,IIII II IIII IIII III II I III I IIIIIIIII II IIIIIIIII"m"m®"m m�, � IIIIII ; Water (1,811) (694) (1,117) The Water Utility has a deficit of$1.8M, which is $1.1 M more than the budgeted deficit of$694,000. More than half of the unfavourable variance is due to the large number of water main breaks experienced during the unusually cold winter. Actual water transmission and distribution expenses are $1.9M compared to a budget of$1.2M causing a $696,000 unfavourable variance. Actual water revenues are$10.8M compared to a budget of$11.2M resulting in a$452,000 unfavourable variance due to reduced consumption caused by the many water main breaks and frozen water services. Sanitary Sewer Utility Schedules 6 IIII,IIII II IIII IIII III II I III II IIIIIIIII II - I„ IIIIIIIII"m"m®°' m���, ��� Sanitary Sewer (788) (320) (468) The Sanitary Sewer Utility has a deficit of $788,000 compared to a budgeted deficit of $320,000 causing a $468,000 unfavourable variance. Actual sewer surcharge revenues of $11.8M are lower than the budget of $12AM resulting in an unfavourable variance of $542,000. This is due to less water usage and is consistent with the water utility. Other revenue is down due to a prior period cross border billing adjustment caused by a faulty meter. The overall deficit is somewhat offset by lower than anticipated sanitary sewer maintenance costs due to the late start to spring repairs. Storm Sewer Utility (Schedule 7) IIII,IIII II IIII IIII III II I III I IIIIIIIII II IIIIIIIII"m"m®"m m�, � Storm Sewer (730) (565) (1.65) The Storm Sewer Utility has a deficit of$730,000 which is more than the budget deficit of$565,000 resulting in a $165,000 unfavourable variance. Actual revenues are less than budget due to lower than forecasted growth rate and a refund of fees paid by the French school boards. Expenses are higher compared to budget, and are largely due to higher than expected maintenance caused by the winter storms. IF2 - 3 Gas Utility(Schedule 8) uuur i 1 Gas Division(Total) 8,192 8,532 (340) Gas Delive 7,718 61644 1,074 Gas Supply (2,568) 1,067 (37635) Gas Transportation 3,042 821 2,221 Gas Delivery's revenue over expenses to the end of March is $7.7M which is $1.1 M better than the budget of $6.6M. Gas revenue is higher than budget by $1.3M resulting from higher consumption due to the colder than normal winter. The favourable revenue variance is offset by higher than expected costs due to storage penalties incurred. Gas Supply has a deficit of $2.6M which is $3.6M more than the budgeted surplus of $1.OM. The large increase in market gas prices resulted in an unfavourable variance of$6.4M but this was offset by the increase in gas sales which had a favourable variance of $2.8M. The volatility in the Gas Supply division is related to the record cold winter in the first part of 2014. Gas Transportation has a surplus of$3.OM compared to a budgeted surplus of$821,000 resulting in a $2.2M favourable variance. Actual revenues are more than budget due to higher consumption because of the cold winter and lower than budget costs are due to favourable purchase prices. Investment Report(Schedule 9) All investments made were in accordance with the City's investment policy. Short term investment yields to date have averaged 1.54%, and average short term investment balances remain high. A surplus is projected due to the higher than anticipated balances at the beginning of the year. ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN: This reporting falls within the Efficient and Effective Government plan foundation area of the Strategic Plan. It helps support the financial goal of ensuring openness and transparency of city finances. FINANCIAL IMPLICATIONS: Financial implications are discussed above and detailed in the attached schedules. COMMUNITY ENGAGEMENT: Inform —This report has been posted publicly as part of the agenda to inform the public. ACKNOWLEDGED BY: Dan Chapman, Deputy CAO (Finance and Corporate Services) IF2 - 4 Y � 0 U C C C pl '' O � O a v Uv op j txO N c O c (n c a 0 U N U C N 19 0 O O O c Y d C d 'U O w iJ N O C "6 C C C 01 O O 01 Ol 01 4N O d O d O E > y0 N N N O O N 'O L O U to .. C to .. to .. C (U > E 0 N N N 6 0 "O "O O to -O C O -O O -O C N _ N N J - U 3 J "p U S7. 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