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Economic Development Statement of Operations - Quarter 2 Financial Update (2017) (in thousands of dollars)

  Year to Date Annual
Budget Actual Budget vs. Actual Variance Favourable/(Unfavourable) Budget Forecast Budget vs. Forecast Variance Favourable/(Unfavourable)
Expenses
Compensation $516 $423 $93 18.1% $1,032 $961 $72 6.9%
Administrative 665 284 381 57.3% 1,283 1,269 14 1.1%
Occupancy & Infrastructure 0 7 -7 0.0% 0 7 -7 0.0%
Equipment, Vehicles, Technology 12 12 -1 (5.1%) 23 22 1 6.1%
Partnership, Rebate, Exemption 433 295 138 32.0% 817 827 -10 (1.2%)
Financial Expenditures 0 0 0 0.0% 0 0 0 0.0%
Total Expenses 1,625 1,020 605 37.2% 3,155 3,086 70 2.2%
Revenues
Federal & Provincial Grants -75 -58 -17 22.2% -150 -150 0 0.0%
Total Revenues -75 -58 -17 22.2% -150 -150 0 0.0%
Intercompany Charges
Intercompany Charges 2 1 1 45.2% 4 3 1 22.6%
Total Intercompany Charges 2 1 1 45.2% 4 3 1 22.6%
Net Expenditure (Revenue) Before Transfers & Indirect Allocations 1,552 963 589 38.0% 3,010 2,939 71 2.4%
Transfers
Transfers from Funds -95 -95 0 0.0% -95 -95 0 0.0%
Total Transfers -95 -95 0 0.0% -95 -95 0 0.0%
Indirect Allocations & Debt
Indirect Allocation 270 235 36 13.2% 531 566 -35 (6.6%)
Capital Financing Allocation 33 32 1 4.4% 54 52 1 2.7%
Total Indirect Allocations & Debt 303 266 37 12.2% 585 619 -34 (5.8%)
Net Expenditure (Revenue) After Transfers & Indirect Allocation 1,760 1,134 626 35.6% 3,499 3,462 37 1.1%

Variance Analysis (in thousands of dollars)

Economic Development is operating a year-to-date surplus before indirect allocations of $589 and forecasting a total surplus before indirect allocations of $71. The following factors have contributed to these variances:

Compensation

The favourable year-to-date and forecasted variance of $93 and $72 is due several vacancies related to a restructuring to achieve a realignment of work and strategic planning.

Administrative

The favourable year-to-date and forecasted variance of $381 and $13 is primarily due to the timing in consulting expenditures.

Partnership, Rebate, Exemption

The favourable year-to-date and unfavourable forecasted variance of $138 and $10 is due to timing of grant program awards.

Community Impacts & Achievements

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.

Project Updates/Accomplishments

  • Canada Summer Games project has resulted in a successful bid with Niagara hosting the 2021 Games.
  • Niagara Region preparing to be the host of the 2017 Economic Developers Association of Canada Conference.
  • Innovation partnerships with Innovate Niagara; Brock University; and the Walker Advanced Manufacturing Innovation Centre, Niagara College resulted in creation of 57 jobs, developed 77 prototypes and solved problems, developed 19 new products, accessed $427,085 in external grant funding and companies achieved a total increase in sales of $431,000 over 3 years in commercialized products.
  • Manager, Strategic Marketing appointed, developing a number of Regional Council's Strategic Priorities and implementing the Marketing and Communications Audit recommendations.
  • Economic Trade Corridor business case has been prepared to position Niagara to be the first municipality to receive the federal designation.
  • FTZ Global Affairs Federal Funding leveraged with the appointment of FTZ Coordinator, research and marketing strategy and communications completed and lead generation underway.
  • Work on a 20 year Economic Development Strategy is underway.
  • Municipal Economic Profiles for all 12 municipalities developed including industrial analysis, Jobs by Industry and Employment Businesses by Industry
  • Target Sector Profiles for the manufacturing sector and the food and beverage processing and related industries sector developed.

Regional Studies/Analysis and Advocacy Projects:

  • Hamilton-Niagara Partnership Projects continues into 2017
  • Comprehensive Cost of Living Study (underway)
  • Re-vamp/Optimization of Niagara Site Finder site selection support tool (underway)
  • Council Strategic Priority Project - Expedited Process for Development (ongoing)
  • Welland Canal 2018 study (ongoing)
  • 8 inward missions driving growth and investment, agribusiness, local area development and foreign investment.
  • 6 outward missions driving growth in industry 4.0, manufacturing, agribusiness, and automotive supply.
  • Reaching out to 13 cities internationally.
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