HomeMy WebLinkAboutFCS-15-089 - 2015 April Variance Report Staff Report
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REPORT TO: Finance and Corporate Services Committee
DATE OF MEETING: June 15, 2015
SUBMITTED BY: Ryan Hagey, Director of Financial Planning
519-741-2200 Ext 7353
PREPARED BY: Debra Fagerdahl, Manager of Financial Planning
519-741-2200 Ext 7114
WARD(S) INVOLVED: All
DATE OF REPORT: June 2, 2015
REPORT NO.: FCS-15-089
SUBJECT: 2015 April Variance Report
RECOMMENDATION: For Information
This is the first report to Council regarding the City's financial performance versus the 2015
budget. The report and attached schedules include information regarding:
• tax supported services
• rate supported enterprises/utilities, and
• supplementary information related to investment income
Variances in an organization's in-year financial results 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
associated 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 $318,000 deficit in tax
supported operations as of the end of 2015. The deficit equates to a 0.19% variance from
the operating expenditure budget of $165M and is caused primarily by the projected
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
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operating deficit of the Centre In The Square (CITS) and winter maintenance operations.
The projected deficit of $318,000 is effectively a balanced budget and is significantly lower
than the projected 2014 deficit of $991,000 as of April 2014.
Staff will remain diligent in managing their individual budgets and the Corporate Leadership
Team will continue to monitor the corporate results in order to mitigate the potential for a
deficit at the end of the year.
Significant Projected Variances (over$200,000�
Infrastructure Services Department:
Operations — Winter Maintenance currently has a deficit of $400,000. The projected
deficit for year-end assumes normal November and December winter weather and
remains unchanged at $400,000.
General Expenses:
Centre In The Square (CITS) - The City is expecting to absorb 50% of CITS's
2015 projected operating results causing a $322,000 deficit to tax supported
operations.
BuildinQ Enter rise Schedule 2
Building 421 (492) 913
The Building Enterprise has a surplus of $421,000 which is $913,000 better than the budget.
This improvement is largely due to higher than expected revenues from permits for single
detached dwellings. Revenues year-to-date are $1,769,000 compared to budget of
$889,000 resulting in an $880,000 favourable variance.
Golf Courses Schedule 3
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Golf (33) (132) 99
The Golf Enterprise has a deficit of $33,000 which is $99,000 better than budget and is due
to increased revenues made possible by the earlier openings in 2015. Revenues year-to-
date are $471,000 compared to budget of $373,000 resulting in a $98,000 favourable
variance.
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Parkinci Enterprise Schedule 4
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Parking 438 361 77
The Parking Enterprise is ahead of target with a surplus of $438,000 which is $77,000 better
than the budgeted surplus of $361,000 due to increased demand at City parking facilities.
Actual revenues of $1.8M compared to budget of $1.7M resulted in an $82,000 favourable
variance.
Water Utilit Schedule 5
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Water (1,566) (449) (1,117)
The Water Utility has a deficit of $1.6M, which is $1.1 M more than the budgeted deficit of
$449,000. 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 $2.1 M compared to a budget of $1.3M causing an $801,000
unfavourable variance. Given the absence of a stabilization reserve balance, there will be a
negative impact on water rates in 2016.
Sanitary Sewer Utilit Schedule 6
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Sanitary Sewer (1,399) (1,351) (48)
The Sanitary Sewer Utility has a deficit of $1.40M compared to the budgeted deficit of
$1.35M causing a small unfavourable variance of $48,000. Actual sewer surcharge
revenues of $12.OM are lower than the budget of $12.6M resulting in an unfavourable
variance of $543,000, consistent with the Water Utility. This is offset by the lower than
budget cost of sewage processing due to the lower consumption.
Storm Sewer Utilit Schedule 7
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Storm Sewer 447 391 56
The Storm Sewer Utility has a surplus of $447,000 which is more than the budgeted surplus
of $391,000 resulting in a small favourable variance of $56,000. Actual revenues are
tracking on target. Storm sewer maintenance expenses are lower than budget as staff was
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diverted to emergency repairs in the Sanitary Utility. The $56,000 favourable variance in this
expense explains the majority of the variance in the Utility.
Gas Utilit Schedule 8
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Gas Division (Total) 12,213 8,070 4,143
Gas Delivery 6,150 5,801 349
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Gas Supply 5,538 2,182 3,356
Gas Transportation 525 87 438
Gas Delivery's revenue over expenses to the end of March is $6.2M which is $349,000
better than the budget of $5.8M. Gas revenue is higher than budget by $850,000 resulting
from higher consumption due to the colder than normal winter. The favourable revenue
variance is partially offset by higher than budgeted cost of gas sold.
Gas Supply has a surplus of $5.5M which is more than the budgeted surplus of $2.2M
resulting in a favourable variance of $3.4M. The variance is due to higher than expected
revenues resulting from the colder than normal winter and gas commodity prices being
lower than budget. Based on the current rates and surplus, there is an expectation that any
excess in the stabilization reserve requirements will flow back to rate payers during the next
rate review.
Gas Transportation has a surplus of $525,000 compared to a budgeted surplus of $87,000
resulting in a $438,000 favourable variance. Actual revenues are more than budget due to
higher consumption because of the cold winter and this is largely offset by the higher than
budget costs due to unfavourable purchase prices. Based on the rising transportation costs,
it is expected that stabilization reserve will be eroded and will be a factor during the next rate
review.
Investment Report (Schedule 9)
All investments made were in accordance with the City's investment policy. Short term
investment yields to date have averaged 1.56%, 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.
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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)
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