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HomeMy WebLinkAboutFIN-2022-130 - 2021 Year End VarianceStaff Report r NJ :R Financia( Services Department www.kitchener.ca REPORT TO: Committee of the Whole DATE OF MEETING: March 21, 2022 SUBMITTED BY: Ryan Hagey, Director of Financial Planning & Reporting, 519-741-2200 ext. 7353 PREPARED BY: Debbie Andrade, Manager of Budgets, 519-741-2200 ext. 7114 WARD(S) INVOLVED: All DATE OF REPORT: March 4, 2022 REPORT NO.: FIN -2022-130 SUBJECT: 2021 Year End Variance RECOMMENDATION: For Information REPORT HIGHLIGHTS: • The purpose of this report is to provide the yearend financial results for City operations • City operations in 2021 were negatively impacted by COVID-19, leading to deficits in tax - supported operations ($4.65M), Parking ($3.06M), and Golf ($509k). • Deficits were fully offset by Safe Restart funding provided by the Federal and Provincial governments in 2020 and 2021. • This report supports the delivery of core services. BACKGROUND: This is the third and final formal variance report to Council regarding the City's financial performance versus the 2021 budget. The report and attached schedules include information regarding: • Tax supported operating • Rate supported enterprises/utilities, and • Supplementary information related to investment income REPORT: The City's tax -supported operations ended the year with a significant deficit related predominantly to the COVID-19 pandemic. The major contributors to the overall negative variance are the deficits in Sport recreation revenues, Emergency Operations Centre, and Investment Income. As COVID-19 related restrictions carried into 2021 causing facility closures and reduced programming these areas continued to be greatly impacted for 2021 with considerable losses in income for recreational programs (e.g. pools, arenas, sportsfields, and community centres). These deficits are offset in part by Gapping savings resulting from COVID- *** This information is available in accessible formats upon request. *** Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. Page 68 of 86 19, as well as, regular vacancies. More details about each of the City's tax supported divisions are provided in the report below and in Schedule 1. Likewise, many rate supported operations were impacted by COVID-19, with Parking and Golf being the most severely hit. Parking saw major decreases in the number of downtown parkers due to the pandemic, and Golf had increased expenses due to carrying staff wages and operation expenses during the Provincial closure between April and May. More details about each of the City's enterprises are provided in the report below and in Schedules 2-8. In 2020/2021, the City received a total of $20AM in Safe Restart & COVID-19 Recovery funding from the Federal and Provincial governments. The City used $9.04M of this funding to address its 2020 deficits, meaning there was $11 AM available to fund deficits experienced in 2021. The combined deficits in tax supported operations ($4.65M), Parking ($3.06M) and Golf ($509k) in 2021 are $8.2M and are fully covered by Safe Restart & COVID-19 Recovery funding. This also means the City is carrying forward $3.1 M of funding to address deficits in 2022. The table below shows the amount of Safe Restart funding received, how it was applied, and the amounts remaining to be employed in 2022. Safe Restart Funding Continuity Operating Fund — Tax Base (Schedule 1) The City ended the year with an operating deficit of $4.65M (2.3% of expenditures totalling $207.8M) in tax -supported operations, largely due to the impacts of COVID-19. The deficit experienced in 2022 was similar to what was experienced in 2021. This was because of the ongoing COVID-19 pandemic and provincial mandates. The economic realities of COVID-19 have led the City into significant deficits for 2021 and 2022. This comes after a string of five years having tax -supported operations end the year in a surplus as shown in the table below. Tax Supported Operations — Yearend Position 2018 2019 ' ►M Surplus/ $0.98M 0.94M $1.42M $1.73M $0.77M (Deficit) ($5.06M) ($4.65M) This year's deficit was fully funded by Safe Restart funding from the Federal and Provincial governments which has allowed the City's Tax Stabilization Reserve Fund to end the year with a balance of $7.7M. This reserve balance will be available to fund any future deficit in tax supported operations, which is good news for the City as the financial realities of COVID-19 may have a negative financial impact on 2022 and possibly beyond. Significant variances (over $200,000) are summarized below by division. Schedule 1 provides a little more detail by including information for variances that exceed $100,000 of the budget. Page 69 of 86 Significant Variances (over $200,000) Community Services Department: • Bylaw Enforcement had a deficit of $484,000 due primarily to fine revenues, as the City had not been issuing as many tickets due to the COVID-19 restrictions in place. Additionally, the collection of defaulted fine amounts was not back to pre -pandemic levels since the Ministry of Transportation had not been enforcing license plate renewals, which would ensure outstanding fines are paid. • Sport had a deficit of $6,384,000 due to reduced revenues as facilities were closed and programs suspended/modified due to COVID-19 restrictions. Financial Services Department: • Revenue had a surplus of $349,000 due to increased property tax certificates and property tax administration fees. Development Services Department: • Planning had a surplus of $477,000 due to higher than anticipated revenues for Subdivisions and Site Plans. Engineering had a surplus of $730,000 due to higher than anticipated revenues for Subdivisions and Site Plans for which staff time is incurred over several years. Infrastructure Services Department: • Facilities Management had a surplus of $1,676,000 due to reduced utility consumption as a number of City facilities were closed for a portion of the year and/or operating at reduced capacity due to COVID-19 restrictions. This resulted in significantly lower than budgeted utility costs. Parks and Cemeteries had a deficit of $224,000 due to unbudgeted playground repairs and unbudgeted forestry clean-up requirements. General Expense: • Gapping had a surplus of $2,326,000 due to staff savings related to regular vacancies and COVID-19, as a number of staff whose facilities or programs were suspended during the pandemic were put on designated emergency leave (DEL) or infectious disease emergency leave (IDEL) allowing them to take advantage of various income support programs offered by the Federal government such as the Canada Emergency Response Benefit (CERB). Emergency Operations Centre had a deficit of $1,493,000 due to the COVID-19 pandemic. Example of costs include: o Purchases of personal protective equipment and other health & safety supplies o Staff costs related to managing the City's COVID-19 response o Additional cleaning and minor retrofits of City facilities Page 70 of 86 General Revenues: • Supplementary Taxes/Write-offs had a deficit of $1,114,000 due to increased property tax write-offs related to assessment appeals. • Payments In Lieu had a surplus of $253,000 due to supplementary PILs • Investment income had a deficit of $1,613,000 due to Bank of Canada emergency rate cuts in March 2020, which is lower than the budgeted rate. • Penalties & Interest had a surplus of $733,000 due to due to an increase is property taxes receivable. Enterprises — (Schedules 2 to 8) While COVID-19 disrupted the operations of the City's enterprises, only Golf and Parking ended the year with financial results worse than budget. The other enterprises were less directly impacted by the pandemic, as building activity continued to be strong, and the City's utilities were more impacted by weather (e.g. amount of rainfall, or winter temperatures) than the global health crisis. Summary information about each Enterprises are noted below, with more detailed information provided in the schedules attached to this report. Building Enterprise (Schedule 2) Building 1 $705 ' ($1,509) 1 $2,213 The Building Enterprise had a surplus of $705,000, which was $2,213,000 better than budgeted. The main reason for the surplus is that revenues were higher than budget due to increased permit applications over what was anticipated in the new low rise residential, duplex conversions, residential improvements and apartment categories. Additionally, expenses were lower due to staff vacancies. Golf Enterprise (Schedule 3) %J %J1 w 1-r The Golf Enterprise had a deficit of $509,000, which was $14,000 better than budgeted. Safe Restart funding was used to fully offset the deficit which was caused mostly by expenses exceeding budget due to carrying staff wages and operational expenses during the Provincial closure from April 17, 2021 to May 22, 2021. Page 71 of 86 Parking Enterprise (Schedule 4) The Parking Enterprise had a deficit of $3,060,000, which was $1,367,000 worse than budgeted. Safe Restart funding was used to fully offset the deficit which was caused mostly by reduced revenues. Parking revenues were down significantly as many downtown businesses were closed and/or running at reduced capacity either due to economic reasons or to comply with provincial stay-at-home orders. This translated into much less vehicle traffic requiring monthly or hourly parking in the downtown core. Water Utility (Schedule 5) Water ' $1,414 ' ($206) ' $1,621 The Water Utility had a surplus of $1,414,000 which was $1,621,000 better than budgeted. Water revenues were significantly better than budgeted due to increased volume sales throughout the year as well as water supply higher than budget due to increased purchase volumes from the Region, consistent with the increase in sales. Additionally, administration expense was lower than budget due to savings in internal overheads. Water maintenance costs were also lower than budget due to proactive maintenance resulting in fewer reactionary repairs. Sanitary Sewer Utility (Schedule 6) Sanitary Sewer 1 $5,540 ' $702 1 $4,838 The Sanitary Sewer Utility had a surplus of $5,540,000 which was $4,838,000 better than budgeted. Sewer surcharge revenues were significantly better than budgeted, which is consistent with increased volume sales noted in the Water utility. In addition, sewage processing costs were less than budgeted due to decreased volumes arising from a dry spring. Maintenance costs were also lower than budget due to reduced staffing resources as a result of COVID-19. Page 72 of 86 Stormwater Utility (Schedule 7) Stormwater $236 $49 $187 The Stormwater Utility had a surplus of $236,000 which was $187,000 better than budgeted due to increased Stormwater fees as a result of higher than expected development in the year. Like the Water and Sanitary Sewer utilities, maintenance expense was lower than budget due to savings in staffing resources impacted by COVID-19 and iDEL absences resulting in program reductions. Gas Utility (Schedule 8) Gas Utility (Total) Gas Delivery Gas Supply ($1,068) ($1,619) $551 ($382) ($269) ($113 ($686) ($1,350) $664 The Gas Utility (Total) had a deficit of $1,068,000 which was $551,000 better than budgeted. Gas Delivery had an unfavourable variance due to lower than anticipated revenues which were partially offset by savings in expenses due to staff vacancies and increased program revenues in tank rentals and recoveries from warranty items. Gas Supply sales revenues were lower than budget due to lower gas consumption from the warmer than normal winter, while Gas Supply expenses were lower than budget due to lower volumes of gas purchased. Investment Report (Schedule 9) All investments made were in accordance with the City's investment policy. Short-term investment yields to date averaged 1.07% and were well below the average interest rate of 1.64% for all of 2020. The lower rate environment resulted in a deficit of $1.61 M making up part of the overall tax supported operations deficit of $4.65M, which was fully funded by Safe Restart funding received from the Federal and Provincial governments. STRATEGIC PLAN ALIGNMENT: This report supports the delivery of core services FINANCIAL IMPLICATIONS: Final results for tax supported operations and rate supported enterprises/utilities have been closed out to the appropriate stabilization reserves. Surpluses increase the funds available in the reserve to offset future deficits, while deficits decrease funds available to deal with unanticipated funding needs. Page 73 of 86 COMMUNITY ENGAGEMENT: INFORM — This report has been posted to the City's website with the agenda in advance of the council / committee meeting. PREVIOUS REPORTS/AUTHORITIES: • FIN -21-40 2021 June Operating Variance Report • FIN -21-64 2021 September Operating Variance Report APPROVED BY: Jonathan Lautenbach ATTACHMENTS: • Schedule 1: Statement of Operations — Tax Supported Services • Schedule 2: Statement of Operations — Building • Schedule 3: Statement of Operations — Golf • Schedule 4: Statement of Operations — Parking • Schedule 5: Statement of Operations — Water • Schedule 6: Statement of Operations — Sanitary Sewer • Schedule 7: Statement of Operations — Stormwater • Schedule 8: Statement of Operations — Gas • Schedule 9: Investment Report Page 74 of 86 o D c N F rt r rt o ti r n m o m O m n m N m 1 O � w O r r r r w a n O m w W c0 m O m W N w w w O lfl c0 c0 m v T v v > 0 -'o F v v W 2 u V + T W N 9 z F O Z OC v u v Ov E 0 V 0 a a � m O N m m w O m m a N a m m m m m N a N m c -I o m N ti mn m a a a a r ci I� W O .-I O � N m r r n ON cl N u m ti m m n I a cN m m m m ca a m m w r m o ti r n m o m O m n m N m 1 O � w O r r r r w a n O m w W c0 m O m W N w w w O lfl c0 c0 m aN a ut m m a N m c -I l0 N N W N w N r r c -I N m N N m N N ci ut m ci N cO 00 .ti m N cO m w o m m w w �o .ti v a a a a a a a m ut r w O 0 m 1 ON 0 1 u N m r" m N cO u u1 n 1 0 m .� o m m .� a m . -I m O . -I w vl a cO O m w N N O C m m m O n m w W ul N m� n ut N m w m N Obi c c -I w r u1 m cO cO cO cO N m w c I n m O a N O N �fml N C Oi M o N 0 mLr`N I Lrti `n I a a m onIcr�ai Namm Im 1 w o �n In Omiol Lri ri O n n N ci O O � O m ^ r l m w N w ci F Z F F F W 2 u V F W p z F O Z OC L61 Z Z F- Z > 1 N V ¢ v i L v Q z z Q z cc o 0 F O_ a� Lm ~ W V > w 2 Ow o 1 e a2 Z¢ ~ N L V N 17,O = O 6 Z ` w F W V o f C z j z z � D w LL o Q c Z_ 0 m FO � a V ¢ Ww J uV a = 7 K O V¢ c=.1 m m m m Z I i aN a ut m m a N m c -I l0 N N W N w N r r c -I N m N N m N N ci ut m ci N cO 00 .ti m N cO m w o m m w w �o .ti v a a a a a a a m ut r w O 0 m 1 ON 0 1 u N m r" m N cO u u1 n 1 0 m .� o m m .� a m . -I m O . -I w vl a cO O m w N N O C m m m O n m w W ul N m� n ut N m w m N Obi c c -I w r u1 m cO cO cO cO N m w c I n m O a N O N �fml N C Oi M o N 0 mLr`N I Lrti `n I a a m onIcr�ai Namm Im 1 w o �n In Omiol Lri ri O n n N ci O O � O m ^ r l m w N w ci F Z F W z F O Z L61 Z Z F- W F O Q W Z E o o 2 p 0 Q a" 1 e a O w F W V W [C w N a 1 ut 61 w O c Z_ FO � a V W N c z D ~ c Z O 6A ~ Z Z W V¢ H N O 6A m W D cii Wp V V¢ a7j O H C > W Z ix V W W > V 6A V_ ¢ > w z Z_ W Z i u 3 L ¢ W O u v W V W O w `^ ix 6L61 V w Z Q ut V > V 1r j ¢ CC K Z > W Z CC Z ut Z m F (� zza V W O a "0 0 o� Q ly F -w two z a� V¢ z¢¢ WN W a ¢ -?i ¢ z ¢ O a g z w F- O a H Q Z O w Z Z a Z O d 0 0 0 � ¢ Z vi 6 W O Z Z Z O Z? 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