Capital Project Closures - Quarter 3 Financial Update (2016)
(in thousands of dollars)

Capital Variance Projects have been set up in various functional areas (levy supported and water / wastewater / waste management capital projects) to capture surplus / unspent funds through the capital project closeout and budget reduction process to make funds available for other capital projects. Capital Variance Projects are an alternative means of managing unforeseen capital expenditures and eliminate the need for transfers between capital projects. For projects that are not funded from the general capital levy or rate reserves, any surpluses identified through the closeout report would be returned to the specific source reserve for future use, and reported as part of year-end transfer report.