Economic Development - Quarter 2 Financial Update (2016)

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  Year to Date Annual
Budget Actual Budget vs. Actual Variance Favourable/(Unfavourable) Budget Forecast Budget vs. Forecast Variance Favourable/(Unfavourable)
Expenses
Compensation $385,682 $394,076 $(8,393) (2.1%) $760,752 $759,146 $1,607 0.2%
Administrative 680,358 391,623 288,734 73.7% 1,235,072 1,156,338 78,734 6.4%
Operational & Supply - 1,386 (1,386) (100.0%) - 1,386 (1,386) 0.0%
Occupancy & Infrastructure - (31,254) 31,254 (100.0%) - 10,671 (10,671) 0.0%
Equipment, Vehicles, Technology - 65 (65) (100.0%) - 65 (65) 0.0%
Partnership, Rebate, Exemption 417,498 431,893 (14,395) (3.3%) 835,000 834,996 4 0.0%
Total Expenses 1,483,538 1,187,788 295,750 24.9% 2,830,824 2,762,601 68,223 2.4%
Revenues
Total Revenues - - - 0.0% - - - 0.0%
Intercompany Charges
Intercompany Charges 1,982 192 1,790 932.1% 3,964 2,174 1,790 45.2%
Total Intercompany Charges 1,982 192 1,790 932.1% 3,964 2,174 1,790 45.2%
Net Expenditure (Revenue) Before Transfers & Indirect Allocations 1,485,520 1,187,980 297,540 25.0% 2,834,788 2,764,775 70,013 2.5%
Transfers
Transfers from Funds (168,141) (168,141) - 0.0% 210,643) (210,643) - (210,643)
Total Transfers (168,141) (168,141) - 0.0% (210,643) (210,643) - 0.0%
Indirect Allocations & Debt
Indirect Allocations & Debt 303,210 186,566 116,644 62.5% 600,442 546,050 54,393 9.1%
Capital Financing Allocation 86,249 66,099 20,150 30.5% 143,887 108,510 35,377 24.6%
Total Indirect Allocations & Debt 389,460 252,666 136,794 54.1% 744,329 654,559 89,770 12.1%
Net Expenditure (Revenue) After Transfers & Indirect Allocation $1,706,838 $1,272,505 $434,334 34.1% $3,368,474 $3,208,691 $159,783 4.7%

Variance Analysis

Compensation

The unfavourable year-to-date variance of $8,393 is a result of transitional costs incurred from a change in the Director position. This variance is expected to be offset with savings resulting from a vacancy in Q3.

Administrative

The favourable year-to-date variance of $283,734 is due to the timing of consulting contracts related to the Team Niagara action plan and Foreign Trade Zone implementation plan, as well as a departmental spending review by the new Director who began in April.

Occupancy & Infrastructure

The favourable year-to-date variance of $31,254 is due to the timing of lease payments for the Grimsby Information Kiosk. The balance of the lease agreement was originally expected to be paid out in full at the beginning of 2016 however operations have continued at the kiosk, resulting in the continuation of monthly lease payments through to year-end.

Partnership, Rebate, Exemption

The unfavourable year-to-date variance of $14,395 is primarily due to the timing of grant payments.

Community Impacts & Achievements

The Economic Development supports the Niagara Region and business communities to compete successfully in Niagara, Ontario and on a global scale. To work in partnership with the region's 12 municipalities, post-secondary institutions, business community and associates and nonprofit organizations to provide effective, innovative services that encourage investment, in the region, along with business support services to attract, maintain and increase jobs in Niagara. The department supports the retention, growth, increased entrepreneurship, and expanding innovation of existing companies and encourages new companies to relocate to Niagara.

2016 Project Updates/Accomplishments

  • On April 15th the Government of Canada designated the Niagara Region as a Foreign Trade Zone, promoting Niagara as a hub for international trade.
  • The City of Welland was selected by General Electric as the site for their new 468,000 square foot Brilliant Factory.
  • Contracts with Innovate Niagara, BioLinc (Brock) and Niagara College were renewed resulting in the creation of 66 new jobs, 20 high-growth firms assisted, four new products and 25 prototypes/problems solved.
  • Ten Niagara Gateway Economic Zone Community Improvement Plan applications have been approved to date supporting the creation and retention of 498 jobs and $23.4 million in new development.
  • Working with real estate brokers from outside the Niagara region to promote the relocation of commercial industrial businesses to Niagara. Planning and administration is underway with the Society of Industrial Office Realtors and Greater Toronto Hamilton Area brokers for the Industrial-Commercial Brokers market tour initiative on September 8 & 9, 2016.

Regional Studies/Analysis and Advocacy Projects:

  • Competitiveness Study (completed)
  • Tourism Strategy Business Case (Study/Outreach) (completed)
  • Electricity Cost Analysis (completed)
  • Comprehensive Cost of Living Study (underway)
  • Re-vamp/Optimization of Niagara Site Finder site selection support tool (underway)
  • Council Strategic Priority Project - Expedited Process for Development (ongoing)
  • Agri-Food Strategy (ongoing)
  • Bank of China (ongoing)
  • Cross-Border Relationships (ongoing)
  • Welland Canal 2018 (ongoing)
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