|Year to Date||Annual|
|Budget||Actual||Budget vs. Actual Variance Favourable/(Unfavourable)||Budget||Forecast||Budget vs. Forecast Variance Favourable/(Unfavourable)|
|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 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 from Funds||(168,141)||(168,141)||-||0.0%||210,643)||(210,643)||-||(210,643)|
|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%|
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.
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.
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.
The unfavourable year-to-date variance of $14,395 is primarily due to the timing of grant payments.
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.
Regional Studies/Analysis and Advocacy Projects: