HomeMy WebLinkAboutFIN-2022-484 - September 2022 Variance ReportStaff Report
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Financia( Services Department www.kitchener.ca
REPORT TO: Finance and Corporate Services Committee
DATE OF MEETING: December 12, 2022
SUBMITTED BY: Ryan Hagey, Director of Financial Planning and 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: November 7, 2021
REPORT NO.: FIN -2022-484
SUBJECT: September 2022 Variance Report
RECOMMENDATION:
For Information
REPORT HIGHLIGHTS:
The purpose of this report is to provide an update on financial results for City operations.
Tax supported operations are projecting a surplus of $1,178,000.
This report supports the delivery of core services.
BACKGROUND:
This is the second variance report to Council regarding the City's financial performance versus
the 2022 budget. The report and attached schedules include information regarding:
• Tax supported operations
Rate supported enterprises/utilities, and
Supplementary information related to investment income
REPORT:
Overall staff is projecting the City's tax supported results for 2022 will be a surplus of $1,178,000.
The major contributors to the overall positive variance are the projected surpluses in investment
income, penalties and interest, facilities management and gapping savings. These positive
variances are offset in part by deficits in Sport, Emergency Operations Centre and the May 2022
Storm Event. As COVID-19 related restrictions carried into 2022 causing facility closures and
reduced programming these areas continued to be impacted for the first half of 2022 with
considerable losses in income for room rentals, admissions, and registration fees. Furthermore,
on May 21, 2022 the City was impacted by the severe windstorm which occurred across Ontario
causing damage and requiring additional cleanup costs primarily in Forestry.
More details about each of the City's tax supported divisions are provided in the report below
and in Schedule 1.
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
Page 118 of 135
The City's enterprise (non -tax supported business lines) results to the end of September show most
of the enterprises have results that were better than budgeted. However, in the rate supported
operations, Parking has an unfavourable variance due to lower than anticipated revenues because
of reduced monthly and hourly parking demands related to hybrid working environments. Additionally,
Golf has an unfavourable variance due to increased expenses resulting from unexpected food and
beverage equipment repairs.
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 and $8.22M to fund its 2021 deficits. This means the City is carrying
forward $3.14M of funding and will be sufficient to fund the year-to-date deficit in the Parking
and Golf enterprise without requiring a draw from the City's stabilization reserve. Any carryover
funding will help the City deal with any continuing negative financial impacts of COVID-19 that
extend into 2022 and beyond.
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
N
1
11
Actual
Deficit
Deficit
�
i P
Mederal
1
Provincial
1Total-
Funding
Available
Tax
S5,062.000
S
4.651.260
S
9.713,260
S
8.472.000
51,692,762
52,441.171
S12.605,933S2.892.673
Parking
52,263,000
S
3,060,435
S
5.323.435
$
2.852,000
S
673.139
'$2.030.861
S 5.556.000
S 232.565
Golf
S
596,000
S
509,128
S
1,105,128
$
619,000
S
146.099
$
349,901
3 1,115,000
S 9.872
Utilities
S1.119.000
S
-
S
1.119.000
S
1,119.000
S
-
S 1,119.000
S
Total
59,040,000
S
8.220.823
S 17.260,823
S 13.062.000
52,512.000
54.821.933
520.395.933
53,135,110
Significant projected tax supported variances (over $200,000) are summarized below. Additional
details are provided in Schedule 1 for projected variances that exceed $100,000.
Operating Fund — Tax Base (Schedule 1)
Staff is projecting the City's tax supported results for 2022 will be a surplus of $1,178,000 .
Significant Proiected Variances (over $200, 000)
Community Services Department:
• Neighbourhood Programs & Services is projecting a deficit of $230,000 due to reduced
revenues as programs and rentals were negatively impacted due to COVID-19
restrictions in early 2022.
Sport is projecting a deficit of $2,180,000 due to reduced revenues as programs and
rentals were negatively impacted from the COVID-19 restrictions in early 2022.
Page 119 of 135
Corporate Services Department:
• Corporate Communications is projecting a deficit of $230,000 due to reduced
advertising and sponsorship revenue
Development Services Department:
• Planning is projecting a surplus of $220,000 due to higher than anticipated revenues for
site plans.
Engineering is projecting a surplus of $250,000 because of increased revenues from
site plans and service charges.
Infrastructure Services Department:
• Facilities Management is projecting a surplus of $850,000 due to reduced utility costs
compared to budget, as some City facilities closed and/or operated at reduced capacity
due to COVID-19 restrictions in early 2022.
Parks and Cemeteries is projecting a deficit of $360,000 due to a significant winter as
well as increased costs associated with the downtown operations and increasingly
elevated demand for maintenance to playground equipment.
• Operations — Roads and Traffic is projecting a surplus of $375,000 which relates to
external billables stemming from heavier winter billings.
General Expense:
• Gapping is projecting a surplus of $2,965,000 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).
• Contract Services is projecting a deficit of $215,000 due to increased costs related to
the existing contract with the Humane Society.
Emergency Operations Centre is projecting a deficit of $785,000 due to the COVID-19
pandemic. Example of costs include:
o Purchases of personal protective equipment and other health & safety supplies
o Staff overtime related to managing the City's COVID-19 response
o Additional cleaning and minor retrofits of City facilities
May 2022 Storm Event is projecting a deficit of $1,100,000 due to the additional cleanup
costs related to the severe windstorm which occurred on May 21, 2022 across Ontario.
These costs will be transferred to the weather control reserve at year end.
General Revenues:
• Investment income is projecting a surplus of $650,000 due to rapid Bank of Canada rate
increases since March 2022.
Penalties and Interest is projecting a surplus of $650,000 due to an increase in overall
property tax receivable balances.
Page 120 of 135
Enterprises — (Schedules 2 to 8)
For the period of January to June, total enterprise results are $3.8M better than budget. Five of
the City's seven enterprises are projecting surpluses. Details of each enterprise are noted
below.
Building Enterprise (Schedule 2)
The Building Enterprise is essentially on budget, with a small favourable variance of $8,000.
Lower than budgeted revenues as a result of a decline in the number of new construction
builds is completely offset by due to lower than budgeted expenses due to staff vacancies.
Golf Enterprise (Schedule 3)
The Golf Enterprise has an unfavourable variance of $71,000 primarily due to higher than
budgeted expenses in food and beverage equipment and a change in the proshop model.
Parking Enterprise (Schedule 4)
Parking
($1,077)
`ylL I LI `wu%J /)
The Parking Enterprise has an unfavourable variance of $865,000 as revenues are
significantly lower than budget due to reduced monthly and hourly parking demands related to
new hybrid working environments. Any deficit realized at year end will be funded from the Safe
Restart Funding as the negative variance is as a result of the COVID-19 pandemic.
Water Utility (Schedule 5)
Page 121 of 135
The Water Utility has a favourable variance of $813,000 due to higher than budgeted volume
in water sales as a result of a dry spring/summer in addition to lower than budgeted
administration costs due to a higher allocation of costs to capital.
Sanitary Sewer Utility (Schedule 6)
Sanitary Sewer
$6,037
$807
$5,230
The Sanitary Sewer Utility has a favourable variance of $5,230,000. Sewer surcharge
revenues are higher than budgeted, which is consistent with increased volume sales also
noted in the Water utility. Additionally, sewage processing costs were far less than budget due
to the dry spring and early summer. These favourable variances are slightly reduced by
increased maintenance costs from unforeseen emergency repair costs for the Ottawa Street
trunk sanitary sewer.
Stormwater Utility (Schedule 7)
Stormwater
The Stormwater Utility has a favourable variance of $275,000 as a result of higher than
budgeted stormwater fee revenues from increased development and lower than budgeted
costs related to staff savings.
Gas Utility (Schedule 8)
Gas Utility (Total) ($760) ($2,562) $1,802
Gas Delivery ($1,439) ($2,061) $622
Gas Supply $679 ($500) $1,179
The Gas Utility (Total) has a favourable variance of $1,802,000. The majority of this variance is
due to gas sales revenues higher than budget from increased gas consumption because of the
cold winter at the beginning of the year.
Investment Report (Schedule 9)
All investments made were in accordance with the City's investment policy. Short-term
investment yields to date have averaged 1.78%, and are above the average interest rate of
1.32% for all of 2021.
Page 122 of 135
STRATEGIC PLAN ALIGNMENT:
This report supports the delivery of core services.
FINANCIAL IMPLICATIONS:
Financial implications are discussed above and detailed in the attached schedules.
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:
There are no previous reports/authorities related to this matter.
APPROVED BY: Jonathan Lautenbach, Chief Financial Officer, Financial Services
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 123 of 135
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