AGENDA - Budget Committee - 20201116Town of Aurora
Budget Committee
Meeting Agenda
Date:Monday, November 16, 2020
Time:6:00 p.m.
Location:Video Conference
Pages
1.Procedural Notes
This meeting will be held electronically as per Section 19. i) of the Town's
Procedure By-law No. 6228-19, as amended, due to the COVID-19 situation.
2.Approval of the Agenda
3.Declarations of Pecuniary Interest and General Nature Thereof
4.Delegations
Note: Anyone wishing to provide comment on an agenda item is encouraged to
visit www.aurora.ca/participation for guidelines on electronic delegation.
5.Consideration of Items
5.1.2021-2022 Operating Budget - Community Partner Presentations
5.1.1.Central York Fire Services 2021-2022 Operating Grant 1
(Binder Tab 14)
Presentation to be provided by Fire Chief Ian Laing and Deputy
Chief Jeremy Inglis.
That the presentation from Central York Fire Services
be received; and
1.
That the request for the 2021-2022 operating grant to
the Central York Fire Services in the amounts of
$12,194,100 and $12,607,600, which includes an
annual allocation of $6,000 for snow clearing, for 2021
and 2022 respectively be tentatively approved.
2.
5.1.2.Aurora Public Library Board 2021-2022 Operating Grant 10
(Binder Tab 15)
Presentation to be provided by Tom Connor, Chair, Aurora
Public Library Board, Bruce Gorman, Chief Executive Officer,
and Julie Rocca, Business Manager.
That the presentation from the Aurora Public Library
Board be received; and
1.
That the request for the 2021-2022 operating grant to
the Aurora Public Library Board in the amounts of
$3,896,100 and $3,934,100 for 2021 and 2022
respectively be tentatively approved.
2.
5.1.3.Aurora Historical Society Board 2021-2022 Operating Grant 39
(Binder Tab 15)
Presentation to be provided by Patricia Wallace, President,
Geoffrey Dawe, Treasurer, and Kathleen Vahey, Curator.
That the presentation from the Aurora Historical Society
Board be received; and
1.
That the request for the 2021-2022 operating grant to
the Aurora Historical Society Board in the amounts of
$82,800 and $80,900 for 2021 and 2022 respectively
be tentatively approved.
2.
5.1.4.Aurora Sports Hall of Fame 2021-2022 Operating Grant 55
(Binder Tab 15)
Presentation to be provided by Javed Khan, President, and
Brian Roberts, Treasurer.
That the presentation from the Aurora Sports Hall of
Fame be received; and
1.
That the request for the 2021-2022 operating grant to
the Aurora Sports Hall of Fame in the amounts of
$29,300 and $29,900 for 2021 and 2022 respectively
be tentatively approved.
2.
5.2.FIN20-025 - New Capital Budget Framework 81
Presentation to be provided by Rachel Wainwright-van Kessel, Director
of Finance.
That Report No. FIN20-025 be received for information.1.
6.Adjournment
2021 BUDGET SUBMISSIONPage 1 of 97
2021 Budget vs. Outlook2021 Budget request for CYFS is $412,348 less than the amount included in the original Outlook for 2021• No additional hiring until new Fire Master Plan is in place ($258,000 reduction in wages and benefits)• Maintain Asset Replacement Fund contributions at 2020 level of $1,399,600 ($100,000 reduction)• Addition of new cost recovery revenue ($54,348 net of wages)CYFS PAGE 22020-11-11Page 2 of 97
Operating Budget Analysis2021Total Budget Request $28,864,310Total Salaries and Wages $24,373,274CYFS PAGE 32020-11-11Wages and Wages anBenefitsOther Other OperatingPage 3 of 97
2021 Wages and BenefitsCYFS PAGE 42020-11-11Account 2020Budget2021BudgetIncrease %Management Salaries674,200 668,218 -5,982 -0.01%Regular Wages16,782,115 17,194,961 412,846 2.46%Regular PT Wages0 41,052 41,052 100%Standby/Callback36,513 0 -36,513 -100%Overtime210,630 217,143 6,513 3.09%Lieu Time Paid741,108 770,000 28,892 3.90%Casual/Seasonal 28,688 18,000 -10,688 -37.26%Payroll Benefits5,348,923 5,463,900 114,977 2.15%Total23,822,177 24,373,274 551,097 -27.67%Page 4 of 97
Other Operating BudgetCYFS PAGE 52020-11-11Other Operating Expenses 2020Budget 2021RequestActual Increase%Fuel 109,242 109,242 0 0%Vehicle repairs & Maintenance 493,170 493,170 0 0%Facilities repairs & Maintenance 124,848 127,571 2,723 2.2%Dispatch Services Contract 463,590 449,500 -14,090 -3.0%Support Cost Allocation 1,156,431 1,185,342 28,911 2.5%Asset Replacement Fund 1,399,600 1,399,600 0 0%22 line items have ZERO INCREASE4 line items were REDUCEDPage 5 of 97
2021 Capital BudgetBudget AmountLifecycle replacement of Personal Protective Equipment 180,000Replacement of Pumper (06-15) 750,000Replacement of Equipment 100,000Replacement of Platoon Chief vehicle 100,000Station 4-5 (Fire Services Report 2019-28) 917,727Total New Requests 2,047,727Hazmat Truck (approved in 2019) 950,000Replacement of Pumper (06-14) (approved in 2020) 750,000Master Fire Plan (approved in 2019) 125,000Station 4-5 (approved in 2016 to 2020) 8,926,701Total Previously Approved Requests 10,751,701CYFS PAGE 62020-11-11Page 6 of 97
Budgeting in a COVID World•In 2020 - $79,000 to date for Personal Protective Equipment, cleaning supplies, etc.•No specific provision in 2021 budget; however, there are general provisions available:•the contingency account•reserve for volatile expendituresCYFS PAGE 72020-11-11Page 7 of 97
2021 Budget Highlights•Original budget increase of $883,000 reduced to $470,652•No growth dollars (awaiting new Fire Master Plan)•ARF contributions remain at 2020 level •Includes new cost recovery revenue•0.04% change in cost allocation results in a shift of $12,000 in annual operating costs (increase to Aurora)CYFS PAGE 82020-11-11Page 8 of 97
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020,00040,00060,00080,000100,000Circulation ofPhysical MaterialsStreaming &DownloadsElectronic Services Online Followers Programs ProgramAttendanceMembership2018101,016 14,937 38,745 1,761 144 2,447 26,837201995,239 20,021 44,680 2,264 199 3,321 26,9572020103,752 17,411 53,796 3,176 266 5,042 31,407+%Page 13 of 97
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- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000Circulation of Physical Materials Streaming & Downloads Electronic Services2018157,762 23,209 61,9592019148,697 30,149 67,3012020134,315 28,035 73,747+%Page 21 of 97
- 1,000 2,000 3,000 4,000 5,000 6,000Online Followers Programs Program Attendance20181,775 213 4,41520192,475 316 6,70420203,076 329 6,098Page 22 of 97
5,000 10,000 15,000 20,000 25,000 30,000 35,000Membership201826,913201927,008202031,639Page 23 of 97
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WeekTotal customersCustomer / hourTotal items CKOItems / hourAug 31 –Sept 576718.3221052.6Sept 8 -1270420.1200157.1Sept 14 -1983823.9264375.5Page 33 of 97
Health screening for visitors and staff Plexiglas barriers at all service desksCompulsory wearing of masks at all timesEnhanced cleaning protocolsPhysical distancing signage Sanitization stationsStanchions to assist with traffic flow Contact tracingPage 34 of 97
Week Total customers Customer / hour Total items CKO Items / hour Oct 13 - 17 721 20.6 2062 58.9 Oct 19 - 24 798 19.0 2535 60.4 Oct 26 - 31 769 18.3 2063 49.1 Page 35 of 97
Reduced service levelsReduced operating hoursReduced staffCOVID related staff absencesAdditional COVID related staff tasksEnhanced safety protocols & procedures for staffOffering of virtual programsReduction of community partnershipsNo public collection browsingContactless holds pickupVirtual card renewalservice levelsperating hourstaffated staff absencesCOVID related staff tasksssafety protocols & procedduurees ffoorr sstafffff virtual programsof community partnershippsscollection browsings holds pickupd renewalsPage 36 of 97
Personnel Costs$3,140,742 $3,007,505 $3,040,005Other Expenditures872,200 943,000 955,000Total Expenditures$4,012,942 $3,950,505 $3,995,005General & Grand Revenue144,842 54,405 60,905Municipal Requisition3,868,100 3,896,100 3,934,100Total Revenue$4,012,942 $3,950,505 $3,995,0052020 Budget2021Budget2022 BudgetPage 37 of 97
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AuroraHistoricalSocietyBudget Presentationto Town of AuroraNovember 16, 2020Page 39 of 97
BackgroundAHS has served the citizens of Aurora since 1963Established the Aurora Collection and the Aurora MuseumMade significant contributions to the restoration of Church Street School, raising in excess of $700,000 to the project, as well as volunteer labourOwns and operates Aurora's only National Historic SitePromotes interest in Aurora’s rich heritageProvides innovative programming and learning opportunities Page 40 of 97
Mission StatementTo preserve, interpret, and promote thesocial, cultural, and material heritage of the community of Aurora for the education, enrichment, and enjoyment of present and future generations.As the landscape of Aurora changes, the Aurora Historical Society Board of Directors continues tobe committed to the preservation of heritage and Hillary House National Historic Site.Page 41 of 97
2020 HighlightsEngaging Speaker Series January, February, and SeptemberAround the House Video SeriesIncreased Online PresenceVolunteer Transcription ProjectReopening Hillary HouseCulture Days: Victorian Harvest TeaSt. Andrew's College Community Giving ProgramPage 42 of 97
2020 COVID-19ImpactsSignificant loss of program revenue and engagementCancellation of outreach opportunities Decrease in on-site attendanceCancellation of two major exhibitionsSignificant loss of fundraising revenue Page 43 of 97
2021/2022 COVID-19 Impact ProjectionsConsequences are unpredictableLower than average program revenue, attendance, and engagement opportunitiesUnknown future Government assistancePage 44 of 97
2020 Community SupportBenjamin Moore PaintsWood Brothers Drywall Inc.Pine Farms Orchard Hurst BakeryNorth South ManagementERA ArchitectsAurora Chamber of CommerceTown of AuroraAurora Museum & Archivesand othersPage 45 of 97
Key Performance Indicators349People were welcomed to Hillary House9430Online followers150AHS Membersin 20203122Volunteer hourspreformed11,000OnlineengagementsPage 46 of 97
Our 2021 GoalsPlan and implement approx. 30programs and special eventsHost 3 exhibitionsIncrease online presence and community engagementProvide over 3900 hours in volunteer opportunitiesWelcome 2000 visitors to Hillary HouseEducate community members through Outreach ProgramsFundand execute the comprehensive action plan for critical restoration work at Hillary HousePage 47 of 97
2021 Partnership GoalsAurora Museum & ArchivesAurora Public LibraryAurora Cultural CentreAurora Farmer's MarketTheatre AuroraGarden AuroraAurora Sports Hall of FameAurora Chamber of CommerceNiagara College, AuroraYork Region School BoardsAurora Senior CentrePage 48 of 97
The Godfrey CollectionCurrently, this important research collection of over 2000 historical medical books and important archival material is stored in an off-site, climate-controlled commercial facility at an estimated cost of $3,500 per year. This is intended as a short-term storage solution as the AHS is exploring alternatives to ensure this collection can be properly cared for and accessed by the public.Page 49 of 97
2020 FundingTown of Aurora GrantCommunity Museum Operating GrantCanada Summer JobsGift Shop AuctionAnnual AppealEmergency FundingCanada Emergency Wage SubsidyMuseum Assistance Program Emergency FundOther emergency funding –Canada Emergency Business Account & Resilient Communities FundPage 50 of 97
Key Financial Metrics:2019Audited2020Budget(pre COVID-19 forecast)2020Projected(as of November 2020)2021ForecastRevenue from Fundraising/Donations/ Other$53,000 $55,000 $13,000 $20,000Grant Revenue$103,000$104,000 $104,000$105,000COVID-19 Emergency Funding$23,500 ?Operating Surplus/Deficit$12,000 $5,000 $0-$14,5002021 Request for funding: $82,800$79,300 (base) + $3,500 (Godfrey Collection storage)Page 51 of 97
2021 Steps Moving ForwardExplore professional fundraising avenuesStrengthening the AHSBoard of Directors tobroaden community engagement opportunities Lobby various levels of government for greater support of Hillary House National Historic SitePage 52 of 97
Hillary House National Historic SiteWe look to the Town of Aurora for your continued support. “Excellent work! This community is very fortunate to have such a well-preserved gothic house.” – North Bay“Very interesting history and nicely explained by the guide” – Netherlands“This is a lovely historic home and the grounds are perfect for a picnic.” - Aurora“I visited earlier this month and loved it so much I returned with my entire family.”– Toronto“Thank you! Great experience!!! Enjoyed learning this history!”– ScarboroughPage 53 of 97
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100 John West Way
Aurora, Ontario
L4G 6J1
(905) 727-3123
aurora.ca
Town of Aurora
Budget Committee Report
No. FIN 20-0 25
______________________________________________________________________
Subject: New capital budget framework
Prepared by: Rachel Wainwright-van Kessel, Director, Finance
Department: Finance
Date: November 16, 2020
______________________________________________________________________
Recommendation
1. That Report No. FIN20-025 be received for information.
Executive Summary
This report outlines the new framework for the capital budget in the 2021 to 2022
Budget and 10-Year Capital Plan.
The capital budget now shows a complete capital plan
Capital Budget Authority will be requested for each capital project and may span
multiple years to reflect the contractual commitments needed for the project
The 10-year capital plan in the budget more carefully manages capital reserves
ensuring the funds are planned to be available in each year
Four capital programs are proposed for repair and replacement projects to
improve capital delivery
Council will be asked to approve the capital budget in a few new ways
Starting in 2021, new capital projects proposed in-year may need to be offset by
a project with the same type of capital funding
The reporting on approved capital projects will change in 2021
Page 81 of 97
November 16, 2020 2 of 7 Report No. FIN20-025
Background
The 2020 Capital Budget identified a few key improvements to the capital budget for
2021. These changes included:
Bringing approved and proposed capital together
Considering multi-year capital project commitments along with cash flow
Developing long-term reserve requirements
Developing more sophisticated Development Charge revenue models
Refining the fiscal strategy and set financial policy
This budget accomplishes the first two elements which will provide a strong foundation
for further development of the last three items listed above.
Analysis
The capital budget now shows a complete capital plan
In the past capital budgets for a project were approved for the total amount and then
managed through the Capital Close Report and no longer appeared in the capital
budget. The capital budget now includes all new capital requests, active capital projects,
conditionally approved projects and a list of the closed capital projects.
Capital Budget Authority will be requested for each capital project and may span
multiple years to reflect the contractual commitments needed for the project
Capital budget authority is a new concept in this budget which represents the approved
capital budget commitment for a project. This multi-year commitment relates to
procurement contracts items like consulting services, the purchase of vehicles or the
construction of the project. Sometimes these contractual commitments may need to be
made in the year before the spending occurs to manage the lead time of the
procurement.
Capital budget authority is made up of four components:
Life to date actuals spent on a project to the end of the last fiscal year
The current year’s capital forecast
The cash flow planned in the first budget year
Page 82 of 97
November 16, 2020 3 of 7 Report No. FIN20-025
The cash flow, as required, for future budget years where contractual
commitments are planned.
This means the 2021 capital budget authority includes actuals to December 31, 2019
plus the 2020 forecast plus 2021 capital cash flow and capital from 2022 and beyond
only as required.
The 10-year capital plan in the budget more carefully manages capital reserves
ensuring the funds are planned to be available in each year
The financial information included in the budget for each project now shows the timing
of when the work is expected to be done and funds are to be spent. This was a key
element in improving the management of reserves in this budget.
The purpose of the reserve determines the type of capital projects it can fund. As part of
this budget, there was a focus on the first five years of the capital plan to ensure that the
timing and spending on projects was managed to stay within the available funds within
the reserves and also the available staff resources to deliver the project. This was done
through a corporate-wide collaboration of staff to prioritize the projects particularly for
the growth & new and studies & other projects.
The reserve contributions for the Development Charge reserves is more difficult to
predict and some project have a post period benefit which means future growth outside
the five-year study period will also pay for these projects. The management of the
Development Charge reserves in this budget now reflects the forecasted collections
rather than the full amount in the study and also recommend debt for some projects to
manage the timing of when the future Development Charges will be collected to pay for
these projects.
Four capital programs are proposed for repair and replacement projects to
improve capital delivery
The Town of Aurora has historically approved projects on an individual basis. This
means each replacement of a vehicle and each repair to a facility separately. Should a
project cost come in higher than expected, then a report to Council to seek additional
budget is needed to proceed with the project unle ss up to 10 percent of the budget from
a like project can be allocated under the Delegated Authority Bylaw.
Capital programs group projects of a like funding source together. The capital program
budget is the total of the budget approved for all projects within the program. The
Page 83 of 97
November 16, 2020 4 of 7 Report No. FIN20-025
program then provides the flexibility to manage the variances to budget between
projects. So if one project costs less than budgeted, these funds can be used to cover
the costs of projects that cost more within the same program while not exceeding the
total budget approval for the program.
Using capital programs will enable staff to more effectively manage variances on capital
projects and reduces the delays needed to seek additional budget when tenders come
in higher than expected. In turn this should result in staff being able to improve the
delivery of capital projects resulting in projects taking less time to complete.
The use of the capital programs must follow the following rules:
The savings applied to other projects should represent a true savings and not a
deferral that will need to be re-budgeted in future years
The project scope must remain the same as originally approved by Council
The projects must have the same funding source
The capital budget authority for the program cannot be exceeded
The planned capital spending (cash flow) for the budget year cannot be
exceeded.
Capital programs are proposed for facilities, fleet, roads and storm sewer repair and
replacement projects. Each of these groups of projects have their own d edicated repair
and replacement reserve and are guided by the asset management plan. This makes
repair & replacement projects a good choice for the flexibility that program groups
provides.
Council will be asked to approve the capital budget in a few new ways
As part of the capital budget the approval will go beyond just approving the individual
project in this budget. Five types of budget approval will be sought for capital projects
including:
Approval of each new capital project and their requested capital budget authority
Approval of the changes to capital budget authority for each capital project
Approval of the total planned 2021 spending subject to adjustments related to the
variances carried forward from the 2020 forecast (both over and under sp ending)
Approval of the capital program groups subject to the rules outlined for their use
Approval of debt authority for specific projects.
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November 16, 2020 5 of 7 Report No. FIN20-025
The only adjustments that will be made to the capital spending planned for 2021 will be
adjustments for the 2020 forecast variances. Should the project spend less than
forecasted then these funds are available in 2021 for that specific project. However,
should the project spending in 2020 be higher than the forecast, the 2021 available
budget will be reduced by that amount. This will help manage the timing differences
between the forecast year and the first budget year.
Starting in 2021, new capital projects proposed in-year may need to be offset by a
project with the same type of capital funding
In-year budget requests for new capital projects or capital budget authority increases
must be managed carefully going forward because this budget has focused on the
careful management of reserves and staff resources to develop the 10 -year plan.
The in-year requests will need to consider the following questions:
Is there available budget within similarly funded projects that can be moved to
cover the budget increase?
Does the forecasted total spending stay within the total budgeted?
What is the impact on the future capital projects in the 10-year plan?
What is the impact on the reserves?
It is highly recommended that any new capital requests be deferred to the next budget
process or have the budget from a similarly funded capital project reallocated to it.
Ideally all future capital investments should be included in the 10-year plan as soon as
they are known so they can be appropriately prioritized within the capital plan.
The reporting on approved capital projects will change in 2021
The reporting on capital projects in 2021 will change based on this new framework for
the budget. The new reporting will be able to show not just spending on the project
budget to-date budget also a forecast of the project spending for the year compared to
the 2021 budget year amount approved. This wil l improve cash management and also
show the Town’s success in delivering the capital plan.
Advisory Committee Review
None
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November 16, 2020 6 of 7 Report No. FIN20-025
Legal Considerations
None
Financial Implications
There are no direct financial implications associated with this report. The changes
outlined here will affect how the budget is reviewed and approved. The approval of the
budget planned for December 15th will include approval framework described in this
report.
Communications Considerations
The Town of Aurora will use ‘Inform’ as the level of engagement for this project. There
are five different levels of community engagement to consider, with each level providing
the community more involvement in the decision-making process. These levels are:
Inform, Consult, Involve, Collaborate and Empower. Examples of each can be found in
the Community Engagement Policy. These options are based on the International
Association of Public Participation (IAP2) Spectrum and assist in establishing guidelines
for clearly communicating with our public and managing community engagement. Staff
will inform the public of the changes to the budget process by posting information to the
Town website. The calendar of budget-related meetings will also be shared on the
website and through social media.
Link to Strategic Plan
Developing, reviewing and presenting the annual capital plan supports several aspects
of the Strategic Plan. This report supports the Plan principles of Leadership in
Corporate Management, Leveraging Partnerships, and Progressive Corporate
Excellence and Continuous Improvement. Enter text
Alternative(s) to the Recommendation
1. Council to provide direction.
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November 16, 2020 7 of 7 Report No. FIN20-025
Conclusions
Council be provided with the capital budget approval recommendations, which support
the new capital budget framework outlined in this rep ort, for its consideration of the
approval of the budget on December 15th, 2020.
Attachments
None
Previous Reports
FIN20-027, 2021 Budget Introduction, October 27, 2020
FIN20-009, 2021 Budget Process and Timeline, April 14, 2020
Pre-submission Review
Agenda Management Team review on October 15, 2020
Approvals
Approved by Rachel Wainwright-van Kessel, CPA, CMA, Director, Finance
Approved by Doug Nadorozny, Chief Administrative Officer
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1Budget Committee November 16th, 2020Page 88 of 97
The capital plan includes all projects•New capital requests•Active capital projects with updates to their budgets•Previously conditionally approved projects are reinserted into the plan•Closed capital projects2Page 89 of 97
Projects are sorted into groups3$Tab 17Pages$Tab 18Pages$Tab 19PagesNew capital or increases to budget$28.8M 1 to 4 $20.7M 1 to 2 $0.7M 1No change or a reduction to budget$43.9M 5 to10 $92.3M 3 to 6 $3.3M 2 to 3Closed capital projectsRepair & ReplacementGrowth & New Studies & OtherTab 20 including $22.8M in projects closedPage 90 of 97
New: Capital Budget Authority4Capital Budget AuthorityCurrent year forecastFuture budget years cash flow as requiredFirst budget year cash flowLife-to-date actuals to the end of the last fiscal year2021 Capital Budget Authority2020 forecast2022 + budget as required2021 budgetActuals to Dec 31, 2019Page4-5Page 91 of 97
Proposed Capital Budget Authority5Repair & Replacement 59,814.8 72,701.8 12,887.0 22,347.8 20,521.5 25,440.6 4,391.9Growth & New 100,295.6 113,057.5 12,761.9 15,654.8 16,072.5 58,872.6 22,457.7Studies & Other 3,336.4 3,931.4 595.0 1,054.3 1,282.7 1,344.4 250.1Proposed Budget 163,446.7 189,690.6 26,243.9 39,056.8 37,876.7 85,657.5 27,099.6* Includes all active project budgets, adjustments to project budgets and new budget commitments($000s)Previously Approved Budget2021 Proposed Capital Budget Authority Cash FlowCapital Budget Authority*Budget ChangeActuals to Dec/192020Forecast2021 2022+Page4-5Page 92 of 97
The focus was on the first 5 years•Reserve management to ensure funds are available each year•Debt for growth projects was proposed to manage DCs•Capital projects needed to be prioritized•R&R based on the asset management plans•G&N and S&O based on a corporate-wide prioritization process6Page 93 of 97
Capital programs are proposed for 2021•Improved capital delivery•Reduces the delay for capital work•More effective management of capital budget funds•R&R is based on asset management plans•Proposed programs:•Facilities R&R•Fleet R&R•Roads R&R•Sewer R&R7Page 94 of 97
Capital programs have the following rules•The transferred project budget should be true savings and not need to be re-budgeted in the future•The project scope must not change•The projects must have the same funding source•The capital program must not exceed its:•Capital budget authority or•Planned capital spending for the year 8Page 95 of 97
There will be more approvals for capital•Capital budget authority for new projects and changes for active projects•2021 capital spending subject to 2020 forecast adjustments•Approval of the capital programs and their rules for use•Approval of debt authority for specific projects•Approval to proceed with grant application in support of Town’s 2ndGeneration Asset Management Plan9Page 96 of 97
Managing in-year changes•In-year changes should ideally have offsets from similarly funded approved projects•Increases without and an offset should be referred to the next budget process if possible•A funding strategy and reserve impact analysis will be needed for any in-year net capital increases10Page 97 of 97