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 (CV) project, or by transferring excess capital project budget dollars to the CV through a budget reduction.
Transfers to the CV do not require approval. Requests less than $250,000, 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 $250,000, one-time or cumulative on a project, require Council approval. Throughout the year, the balance of CVs are monitored and, if significant excess exists, would be adjusted by transferring the excess to the respective capital reserve following Council approval.
|Capital Variance Project Reconciliation||Levy
|Rate Programs||Total Programs|
|Waste Management||Wastewater||Water Works|
|Balance at December 31, 2016||$4,843||$1,537||$4,734||$2,730||$13,844|
|Transfer to Active Capital Projects||(2,250)||-||(275)||(3,387)||(5,912)|
|Budget Reductions on Active Capital Projects||4,000||-||-||3,000||7,000|
|Transfers (to)/from Closed Capital Projects||1,437||204||415||329||2,384|
|Balance at July 21, 2017||$8,030||$1,741||$4,874||$2,672||$17,316|