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Transit Commission receives 2017 Operating and Capital Budget Q2 Status Report

September 20, 2017
Council Updates

The Transit Commission today received for information the 2017 Operating and Capital Budget Q2 – Transit Commission Status Report. The purpose of this report is to present the June 30 year-to-date operating and capital results for Transit Tax Supported Programs along with providing a year-end forecast.

Highlights of the report include the following:

  • The Q2 results indicate a net surplus of $1.429 million.
  • The surplus was primarily due to compensation savings related to unfilled vacancies, lower fuel and facility costs, offset by a shortfall in fare revenue that was largely due to changes in ridership level.
  • The year-end forecast result is expected to balance the budget, with projected expenditure savings matching the projected fare revenue level.
  • The expenditure savings is primarily due to the continual trend of lower diesel and compensation costs offset by higher insurance and software support costs.
  • The projected fare revenue shortfall is the result of customers’ fare choices and changes in ridership.
  • Overall total actual compensation costs for the second quarter were 49 per cent of the full year 2017 compensation budget, which is below normal and attributable to the overall compensation savings.

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