HomeMy WebLinkAboutFCS-16-141 - 2016 August Variance ReportStaff Report
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REPORT TO: Committee of the Whole
DATE OF MEETING: October 24, 2016
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: October 18, 2016
REPORT NO.: FCS -16-141
SUBJECT: 2016 August Variance Report
RECOMMENDATION:
For Information
BACKGROUND:
Staff prepares a variance report three times per year reflecting results as at the end of April,
August and December. This is the second report to Council regarding the City's financial
performance versus the 2016 budget as at the end of August. The August variance report
would typically be presented at the October Finance and Corporate Services Committee,
but as this meeting was very early in the month (October 3) and projected results were not
available, the August report is instead being presented at the October 24, Committee of the
Whole meeting.
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.
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
4.-1
REPORT:
Overall staff is projecting the City's tax supported results will be slightly better than budget,
but within 0.5% of budget. The major contributors to this modest surplus are higher than
budgeted revenues in Engineering, payment in lieu of taxes, and investment income.
The City's enterprise (non -tax supported business lines) results to the end of August show
most of the enterprises have results that are also close to budgeted expectations. The two
exceptions are Building where revenues are well above forecast and Gas Supply where
expenses have been well below forecast. More details about each of the City's enterprises
are provided in the report below and in schedules 2-8.
Operating Fund — Tax Base (Schedule 1)
Staff are currently projecting a surplus of $715,000 in tax supported operations in 2016. The
surplus equates to a 0.42% variance from the operating expenditure budget of $169M.
Significant projected tax supported 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.
Significant Proiected Variances (over $200, 000)
Infrastructure Services:
Engineering Administration is projecting a surplus of $330,000 largely resulting
from increased engineering revenues due to subdivision application review fees
received in 2016. The revenue received from each application review is used to
fund work completed by staff over the following 7 to 10 years.
General Revenue:
• Tax Payment in Lieu (PIL) is projecting a surplus of $280,000 resulting from new
PIL properties retroactive to 2014.
Investment income is projecting a surplus of $465,000. The Canadian economy
and the labour market have continued to outperformed expectations resulting in
higher investment rates than originally forecast by analysts.
The Building Enterprise has a surplus of $1.2M which is $1.1 M better than the budget. This
improvement is largely due to higher than expected revenues from permits in all sectors.
4.-2
The Golf Enterprise has a surplus of $605,000 which is $106,000 better than budget and is
due to increased revenues made possible by the earlier openings in 2016 and targeted
promotions early in the season.
The Parking Enterprise is just slightly below target with a surplus of $1.2M which is
$209,000 less than the budgeted surplus. Overall revenues are lower than budget due to an
anticipated land sale that did not materialize in 2016. However, this loss of revenue was
offset by the higher than budgeted monthly parking revenues.
The Water Utility has a surplus of $452,000, which is $127,000 better than the budgeted
surplus. Lower water sales revenue was more than offset by lower costs of water purchases
and fewer water main breaks.
Sanita
Sewer
Utilit
Schedule
6
II
V
Sanitary Sewer 281 544 (263)
The Sanitary Sewer Utility has a surplus of $281,000 causing an unfavourable variance of
$263,000. Actual sewer surcharge revenues were lower than budget which is consistent
with decreased water consumption in the Water utility. There was not a corresponding offset
in the cost of sewage processing as these costs were higher than budget due to the wetter
than average spring resulting in treatment costs for water entering the sewage system
through inflow and infiltration. The impact of the wet spring was offset by the dry summer
and by the lower than budgeted sanitary sewer maintenance costs.
4.-3
The Storm Sewer Utility has a surplus of $260,000 which is lower than the budgeted surplus
by $192,000. Storm sewer maintenance costs due to increased repairs and the City's
environmental insurance deductible of $100,000 related to the Grand River oil spill largely
contributed to the unfavourable variance.
Gas Utility - Overall the Gas Utility has a deficit of $785,000 resulting in a favourable
variance of $3.4M. Revenues in all gas companies are under budget due to less than
anticipated consumption as a result of the milder, gentler winter. The variances outlined
below were anticipated when preparing, and are incorporated into the rate
recommendations brought forward by staff in report INS -16-061 Natural Gas Rates.
Gas Delivery (which represents the cost of delivering gas to the end user) has a deficit of
$366,000 resulting in an unfavourable variance of $926,000. The milder winter was a major
contributing factor leading to lower than budgeted revenue due to lower consumption. This
was partially offset by higher than budgeted rental water heater revenues.
Gas Supply (which is a flow through cost and represents the cost for the natural gas
commodity, fuel and administration) has a deficit of $336,000 compared to a budgeted
deficit of $4.9M, resulting in a $4.6M favourable variance. Decreased revenues from lower
than expected gas sales are more than offset by the lower than expected price of the gas
commodity. This positive variance is what allows a supply rate reduction in 2017 (versus the
previously expected increase).
Gas Transportation (which is a flow through cost and represents the cost to bring natural
gas purchased to Ontario) has a deficit of $83,000 and was less than the budgeted surplus
resulting in a negative variance of $258,000. The unfavourable variance is a result of lower
than expected consumption. This has in part, contributed to the 2017 transportation rate
increase.
Investment Report (Schedule 9)
All investments made were in accordance with the City's investment policy. Short term
investment yields to date have averaged 1.47%, and average short term investment
balances remain healthy. A surplus is projected due to the higher than anticipated rates as a
result of the Canadian economy outperforming expectations leading to GIC rates to remain
unchanged while analysts had expected a reduction.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
The recommendation of this report supports the achievement of the city's
strategic vision through the delivery of core service.
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)
4.-5
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