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.
|Year to Date (in thousands of dollars)|
|Budget||Actual||Budget vs Actual Variance
|Operational & Supply||-||2||(2)||(100.0%)|
|Occupancy & Infrastructure||-||12||(12)||(100.0%)|
|Equipment, Vehicles, Technology||-||20||(20)||(100.0%)|
|Partnership, Rebate, Exemption||835||1,089||(254)||(23.3%)|
|Federal & Provincial Grants||(43)||(33)||(10)||30.3%|
|Total Intercompany Charges||4||(92)||96||(104.3%)|
|Net Expenditure (Revenue) Before Transfers & Indirect Allocations||2,815||2,579||236||9.1%|
|Transfers from Funds||(211)||(211)||-||0.0%|
|Transfers to Funds||-||95||(95)||(100.0%)|
|Indirect Allocations & Debt|
|Capital Financing Allocation||144||125||19||15.5%|
|Total Indirect Allocations & Debt||745||669||76||11.4%|
|Net Expenditure (Revenue) After Transfers & Indirect Allocation||$3,349||$3,133||$216||6.9%|
Economic Development operated at a surplus after indirect allocations of $216. The following factors contributed to this surplus:
The favourable variance of $413 is primarily due to a departmental spending review by the new Director who began in April; as well as the timing of consulting expenditures related to the communications audit strategy and tactics for the foreign trade zone and market research & housing strategy proposal. The unspent consulting budget was committed and is included in the 2016 encumbrances reported in Transfers to Funds.
The unfavourable variance of $20 is the result of an unbudgeted purchase of a Geographic Information System software license used for site selection.
The unfavourable variance of $254 is a result of a portion of the 2015 grant payments for Brock University BioLinc and Niagara College for Advanced Manufacturing Innovation being paid in 2016 and the reprioritization of the favourable variance in Administrative. A portion of the 2016 commitments to Brock University BioLinc and Niagara College and are included in the 2016 encumbrances reported in Transfers to Funds
The favourable variance of $96 is primarily the result of a transfer of expenditures to Community Services for studies and research completed for Social Assistance & Employment Opportunities related to cost of living, market research and housing strategies, and competitiveness studies.
The unfavourable variance of $95 relates to the 2016 encumbrances.