Recommendation: That the following actions
be taken with respect to the 2013 Operating Budget Status – Fourth Quarter
Report for the General Budget (Property Tax Supported referred to in Appendix
A of the staff report dated April 8, 2014), Water Budget and Wastewater and
Treatment Budget;
a) the
staff report dated April 8, 2014 BE RECEIVED for information; it being noted
that:
i) there
was $7.3 million in net savings in the General (Property Tax Supported)
Budget, as identified by Civic Service Areas and Boards & Commissions; it
being noted that the year-end savings are $0.4 million higher than projected
in the 2013 Operating Budget Status – 3rd Quarter Report and the $7.3 million
Operating surplus was contributed to the Operating Budget Contingency
Reserve, consistent with Council direction; it being further noted that the
$7.3 million net savings has been allocated in accordance with Council direction
relative to the 2014 Budget, as follows:
A) $3.8
million to the Economic Development Reserve Fund to be reinvested into
Industrial Land Development initiatives;
B) $2.3
million to the City Facilities Reserve Fund in order to provide a “potential”
source of funding for facility related initiatives such as Ontario Works
Decentralization;
C) $0.5
million as a funding source for the Veterans Memorial Parkway noise wall
capital project;
D) $0.4
million as a funding source for Enhanced Animal Welfare capital projects;
E) $0.2
million to St. Joseph’s Hospice for one-time capital funding;
F) $0.1
million to the Grand Theatre for one-time capital funding;
ii) there
was $2.9 million in net savings for the Water rate supported budget; it being
noted that the year-end surplus is $0.8 million less than projected in the
2013 Operating Budget Status – 3rd Quarter Report; it being further noted
that the $2.9 million in savings has been contributed to the Water Works
Capital Reserve Fund and will assist in funding future capital expenditures,
consistent with Council direction;
iii) there
was $0.7 million in net savings for the Wastewater and Treatment rate
supported budget; it being noted that the year-end surplus is $1.1 million
less than projected in the 2013 Operating Budget Status – 3rd Quarter Report;
it being further noted that the $0.7 million savings has been contributed to
the Sewage Works Reserve Fund, consistent with Council direction; and
iv) the
Civic Administration contributed $2,907,800 ($2,483,521 – property tax
supported; $295,652 – wastewater; and $128,627 – water) to the Efficiency,
Effectiveness and Economy reserves in 2013; and
b) NO
ACTION BE TAKEN to utilize the Operating Budget Contingency Reserve as the
source of funding for the London Police Service operational deficit of $0.3 million.
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