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

The Corporate Services department develops the Capital Financing Strategy and Capital Budget guidelines in co-ordination with department and board input and in alignment with Council objectives and corporate policies. The Corporate Services department is responsible for the following: preparing the consolidated capital budget and forecast based on the requests of departments and boards; co-ordinating capital initiations, financing, closure and budget reduction of capital projects approvals and reporting; supporting tangible capital asset accounting in accordance with the Capital Asset Management Policy; and reporting on the consolidated activity of the capital program.

The capital budget represents priority projects as determined by the departments and boards and approved by Council. Following capital budget approval, projects are initiated based on department requirements and timing to complete projects. Project managers within departments and boards administer the projects and maintain the related tangible capital asset information. Project managers are accountable for monitoring the capital projects within the capital program and taking corrective action, when necessary, including both reporting on significant variances as well as taking part in the capital closure and budget reduction of capital projects process.

Capital Budget Reconciliation

The capital budget managed by Niagara Region has decreased by $11,297 since Q2 2016. The decrease is primarily due to closures and budget reductions of capital projects ($16,967), offset by $1,722 in transferred to/from capital projects, and the adding of $3,948 of fully expended and closed project budgets for Burgoyne Bridge and Thorold Stone Road capital project forecast reporting.

18 capital projects, with budgets totalling approximately $59,916 (levy $57,071 / rate $2,845) remain uninitiated at Oct 23, 2016. A summary of the levy and rate impact of Niagara Regions total capital budget during the year is presented below:

Capital Budget Reconciliation Levy Programs Rate Programs Adjusted Budget
2015 Total Adjusted Budget (excluding Capital Variance Project) at December 31, 2015 * $ 602,568 $ 333,115 $ 935,683
Council Approved 2016 Budget 104,577 60,040 164,617
Projects Closed through CSD 01-2016 (65,391) (29,574) (94,965)
Gross Budget Adjustments 5,013 3,913 8,926
Transfer from Capital Variance Project 8,048 4,241 12,289
Budget Reductions on active projects

(389)

- (389)
Projects Closed (43,462) (44,501) (87,964)
2016 Total Adjusted Budget (excluding Capital Variance Project) at July 21, 2016 $ 610,963 $ 327,234 $ 938,197
Gross Budget Adjustments ** 911 13 924
Transfer from Capital Variance Project ** 953 295 1,248
Budget Reductions on active projects **

(3,482)

(1,655) (5,137)
Transfer to Operating **

(450)

- (450)
Projects Closed ** (8,140) (3,690) (11,830)
Closed Projects Added back for Reporting Purposes 3,948 - (3,948)
2016 Total Adjusted Budget (excluding Capital Variance Project) at October 23, 2016 $ 604,703 $ 322,198 $ 926,900

  • * Balance updated from the December 31, 2015 year-end financial update to reflect closures and adjustments previously approved
  • ** Refer to supporting schedules for additional information
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