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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