|Year to Date||Annual|
|Budget||Actual||Budget vs. Actual Variance Favourable/(Unfavourable)||Budget||Forecast||Budget vs. Forecast Variance Favourable/(Unfavourable)|
|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%|
|Federal & Provincial Grants||-75||-58||-17||22.2%||-150||-150||0||0.0%|
|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 from Funds||-95||-95||0||0.0%||-95||-95||0||0.0%|
|Indirect Allocations & Debt|
|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%|
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:
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.
The favourable year-to-date and forecasted variance of $381 and $13 is primarily due to the timing in consulting expenditures.
The favourable year-to-date and unfavourable forecasted variance of $138 and $10 is due to timing of grant program awards.
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.
Regional Studies/Analysis and Advocacy Projects: