Capital Project Variance - Quarter 4 Financial Update (2016)

Capital Project Forecast Budget Adjustment Summary Table of Contents

(in thousands of dollars)

Capital projects sometimes require more or less than the approved budget. Throughout the year, project variances are managed though either requesting extra budget dollars from the Capital Variance Project (CVP) or by transferring excess capital project budget dollars to the CVP through a budget reduction.

Transfers to the CVP do not require approval. Requests less than $250, one-time or cumulative on a project, may be approved by the departmental Commissioner or Director, in combination with the Commissioner of Corporate Services. Requests in excess of $250, one-time or cumulative on a project, require Council approval. At the end of the year, the balance of CVPS are adjusted to $1,000.

Capital Variance Project Reconciliation Levy Programs Rate Programs
Waste Management Wastewater

Water Works
Balance at December 31, 2015 $5,062 $1,821 $2,513 $4,869
   Transfer from Capital Variance Project* (10,690) - (329) (4,128)
   Budget Reductions on active projects 389 - - -
   Transfers (to)/from Closed Capital Projects * 3,196 (47) 624 1,255
Balance at July 21, 2016 (2,043) 1,774 2,809 1,995
   Transfer from Capital Variance Project (953) - (180) (115)
   Budget Reductions on active projects* 2,332 - 1,115 540
   Transfers from Closed Capital Projects * 56 1 - -
Balance at October 23, 2016 (609) 1,775 3,744 2,420
   Transfer from Capital Variance Project (57) (200) (300) (56)
   Budget Reductions on active projects - 200 341 200
   Transfers (to)/from Closed Capital Projects 5,609 (238) 950 166
Balance at December 31, 2016 $4,943 $1,537 $4,734 $2,730

* Balances have been updated from what was presented in Q3.

Capital Project Forecast Budget Adjustment Summary Table of Contents
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