HomeMy WebLinkAboutFIN-08-128 - Financial Report as of August 31 2008I L REPORT 74
Report To: Councillor B. Vrbanovic, Chair, and Members of the Finance
and Corporate Services Committee
Date of Meeting: October 20, 2008
Submitted By: Dan Chapman, General Manager of Financial Services
Prepared By: Roger LeBrun, Director of Financial Planning and Reporting
Ward(s) Involved: All
Date of Report: October 14, 2008
Report No.: FIN-08-128
Subject: FINANCIAL REPORT AS OF AUGUST 31, 2008
This interim financial report is provided to update Council members on City spending and
revenues compared to the 2008 budget and to explain significant projected variances. The
report includes schedules for Municipal Enterprises as well as supplementary information
related to investment income and tax arrears.
Weather is the major contributor to the projected operating budget deficit and year to date
shortfalls in the enterprise statements. In May's Interim Report, the increased number of winter
events in the first half of the year was highlighted and lead to budget deficit mitigation measures
due to the $1.2M budget shortfall. During June, July and August, there were significant rainfall
events. In July, the total rainfall was double the average expected and was the highest in 20
years. The wetter season lead to: delayed opening of golf courses, lower summer golf course
revenue, higher equipment and wage costs on sports fields, reduced water revenue and
sanitary surcharge revenue from less lawn watering, and higher sewage processing from
increased inflow and infiltration rates in the sanitary sewers.
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Operating Fund —City (Schedule 1)
At present, a deficit of $554,000 is projected to the end of the year (0.5% of gross tax-supported
expenditures) and is the result of three key factors:
• General revenue (positive $0.2 million) -- general revenue variance is expected to be
positive, primarily due to higher local improvement revenues, investment income and a
transfer from the hydro reserve. This is offset by $0.5 million lower than expected
supplementary taxes.
• General expenses (positive $0.4 million) — general expenses are projected to be under
spent, primarily due to gapping efficiencies and elimination of the bad debt allowance
(undertaken as part of the deficit mitigation strategy). However, these were offset by
$0.2 million higher Fleet expenses for parts and fuel.
• Departmental operations (negative $1.2 million) — net departmental budgets are
projected to be overspent, primarily due to a negative variance caused by weather -- an
increased number of winter events in the first half of 2008 lead to higher winter control
costs of $1.2M, and the wet summer lead to higher equipment and wages costs. The
negative effects of these have been partially reduced due to higher parking revenue.
After the significant number of winter events in early 2008 which led to a cost overage of $1.2M,
Corporate Management Team committed to take immediate action to fund the shortfall and/or
reduce costs in an attempt to mitigate the projected deficit. These measures resulted in a
favourable reduction of $970,000 of the projected deficit. With additional shortfalls now being
projected to the end of the year, it will be necessary to contain controllable costs by such
measures as maximizing gapping, reducing overtime, and eliminating discretionary spending
where possible. Departments have and will continue to contain costs and to exercise due
diligence in managing their budgets in an attempt to reduce the projected deficit to the greatest
extent possible during the last quarter of 2008
Building Enterprise ,Schedule
The year-to-date operating surplus in the Building Enterprise is $78,000 lower than anticipated.
This is largely the result of decreased permit revenue of $440,000 due to the recent economic
downturn. Delays in filling 3 vacant positions offset part of this shortfall in revenue. Any year-
end surplus will be transferred Building Enterprise Reserve Fund which was created to mitigate
the financial impacts of cyclical activity in the Enterprise.
Golf Courses (Schedules 3 and 4)
Doon Valley and Rockway Golf Courses operating surpluses are $191,000 lower than
anticipated as a result of weather -- the severe winter and spring flooding delayed the opening
and a wet summer lead to lower revenue.
Water Utility Sanitary Sewer Utilit(Schedules 5 and 6)
The Water Utility is performing lower than anticipated, generating a negative variance of
$311,000 year to date. The wet summer lead to lower volume of summer water usage as lawns
were watered less. The $1.1 million negative variance in the Sanitary Sewer Utility is primarily
the result of a wetter summer which leads to lower water sales from watering lawns, and higher
sewage processing costs from increased inflow and infiltration rates in the sanitary sewers.
Gas Utility (Schedule
The Delivery Operations are $1.4 million ahead of expectations as of July 31, 20081.
The delivery company expenses are lower due to refunds from suppliers. Supply company
revenues and expenses are lower than expected due to price changes and lower than forecast
consumption.
Investment Report (Schedule
In the first eight months of the year, $1.8 million of interest income was earned for the operating
fund. The projected $0.1 million positive variance to year-end is the result of the portfolio
outperforming the benchmark and higher investment balances offsetting the significantly lower
rates. This year the average CIBC rate to the end of August was 3.4% compared to 4.3%
during the same period last year and the current rate of 2.6%. To the end of August, $139
thousand of additional income was attributed to higher investment balances and $153 thousand
to the portfolio outperforming the benchmark.
Taxes Receivable (Schedule
Taxes receivable of $113.9 million at August 31, 2008 was $3.7 million higher than at the same
time in 2007. Taxes due from previous years billings increased by $0.3 million.
FINANCIAL IMPLICATIONS:
Financial implications are discussed above and detailed in the attached schedules. All amounts
are unaudited and do not reflect timing differences. Actual results may differ from amounts
projected.
Dan Chapman, CA MPA
General Manager of Financial
Services
Roger LeBrun, CMA
Director of Financial Planning
& Reporting
1 one month timing delay necessary to establish accurate actual results
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