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Capital Variance Project Summary - Quarter 2 Financial Update (2017) (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 (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
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