Professional Documents
Culture Documents
Recommendations ........................................................................................................................................................................... 2
Appendix F - Reconciliation of Tabled Budget to Public Sector Accounting Board Financial Statement Budget ...................51
The budget that is being tabled presents some significant budgetary challenges, most of which are beyond the control of Civic
Administration. The budget document contains a total of 19 budget amendments, each supported by a multi-year budget
amendment case, that are being recommended by Civic Administration. Of the recommended budget amendments, all of the capital
budget amendments can be accommodated within the capital plan resulting in no impact to the tax levy. The remaining operating
budget amendments, excluding one, result in an impact to the tax levy.
Page 1
RECOMMENDATIONS
ALL AMOUNTS REPORTED IN THOUSANDS ($000S) AND ARE SUBJECT TO ROUNDING
a) That the following multi-year budget amendment cases impacting the operating budget resulting from new Council direction
and cost/revenue drivers impacting the municipality BE APPROVED; it being noted that the 2016-2019 average annual tax
levy increase would remain at 2.8%.
OperatingBudgetAmendments(RecommendedNewCouncilDirection)
Case
Description Budget Category 2018 2019
#
London Music Industry Development Office Expenditure Inc/(Dec) 150 150
To continue the London Music Industry Development Office Revenue (Inc)/Dec (150) (150)
1 on a two year temporary basis. A strategic use of the Net - -
Economic Development Reserve Fund is recommended in
2018 and 2019 resulting in no impact to the tax levy.
Councillors' Annual Compensation Expenditure Inc/(Dec) - 245
Effective with the commencement of the next term of Revenue (Inc)/Dec - -
2 Council, the annual compensation for serving as a Ward Net - 245
Councillor will be set at the 2016 median full-time
employment income for Londoners.
Total Net Budget Amendments - New Council Direction - 245
Incremental Net Increase/(Decrease) - 245
Page 2
OperatingBudgetAmendments(RecommendedCost/RevenueDriver)
Case
Description Budget Category 2018 2019
#
Upper Thames River Conservation Authority (UTRCA) Expenditure Inc/(Dec) 191 400
10 Year Environmental Targets Strategic Plan Revenue (Inc)/Dec - -
3 An operating budget increase to support the Environmental Net 191 400
Targets Strategic Plan approved by the UTRCA Board of
Directors in June 2016.
Dundas Place - Ongoing Place Management Expenditure Inc/(Dec) 75 475
An operating budget increase to support management, Revenue (Inc)/Dec (75) (100)
4 maintenance, security, and activation of Dundas Place Net - 375
partially offset with a strategic use of the Economic
Development Reserve Fund in 2018 and 2019.
Elimination of the Annual Payment to the Stiller Centre Expenditure Inc/(Dec) (224) (228)
As a result of its achievements, the Stiller Centre for Revenue (Inc)/Dec - -
5 Technology Commercialization of the University of Western Net (224) (228)
Ontario Research and Development Park no longer requires
an annual subsidy.
Increased Ontario Works Administration Subsidy Expenditure Inc/(Dec) - -
Londons share of Provincial Ontario Works administration Revenue (Inc)/Dec (600) (600)
6 subsidy exceeded the amount anticipated in the 2016-2019 Net (600) (600)
multi-year budget.
Total Net Budget Amendments - Cost/Revenue Driver (632) (54)
Incremental Net Increase/(Decrease) (632) 579
Total Net Budget Amendments - New Council Direction & Cost/Revenue Driver (632) 191
Incremental Net Increase/(Decrease) (632) 823
Page 3
b) That the following multi-year budget amendment cases impacting the operating budget resulting from regulatory changes and
a corporate in-camera matter BE APPROVED; it being noted that the 2016-2019 average annual tax levy increase would
rise from 2.8% to 3.0%.
OperatingBudgetAmendment(RecommendedNewRegulation)
Case
Description Budget Category 2018 2019
#
Proposed Minimum Wage Increases Expenditure Inc/(Dec) 1,584 2,207
The Ontario government announced its intention to increase Revenue (Inc)/Dec (131) (183)
the minimum wage from $11.60/hour to $14.00/hour Net 1,453 2,024
7 effective January 1, 2018 (20.7% increase) and $15.00/hour
effective January 1, 2019 (7.1% increase). An operating
budget increase is recommended to reflect the proposed
increase, partially offset by user fee revenues.
Total Net Budget Amendments - New Regulation 1,453 2,024
Incremental Net Increase/(Decrease) 1,453 571
OperatingBudgetAmendment(Recommended"InCamera")
Case
Description Budget Category 2018 2019
#
Confidential Matter - "In-Camera" Expenditure Inc/(Dec) 1,455 2,485
A matter pertaining to labour relations and employee Revenue (Inc)/Dec - -
negotiations, advice or recommendations of officers and Net 1,455 2,485
8 employees of the Corporation including communications
necessary for that purpose, and for the purpose of providing
instructions and directions to officers and employees of the
Corporation.
Total Net Budget Amendments - "In-Camera" 1,455 2,485
Incremental Net Increase/(Decrease) 1,455 1,030
Total Net Budget Amendments - New Regulation & "In-Camera" 2,907 4,509
Incremental Net Increase/(Decrease) 2,907 1,602
Page 4
Capital Budget Amendments
c) i. That the following actions be taken with regards to the multi-year budget amendment cases impacting the capital budget, it
being noted that financing can be accommodated within the capital plan without impacting the tax levy:
A. Changes to 2018 and 2019 of the multi-year budget period, representing an increase of $11.0 million BE APPROVED,
and
B. Changes to the 2020-2025 forecast period, representing an increase of $56.1 million BE APPROVED in principle.
CapitalBudgetAmendmentsLifecycleRenewal
Case 2020 -
Description 2018 2019 Total
# 2025
Invasive Species Management Strategy
9 350 350 700
Increased funding for invasive species management and removal.
London Police Service - Capital Plan Changes
Changes to the London Police Service capital plan to address
10 increased funding for replacement vehicles and information 77 80 574 731
technology storage server, partially offset by a reduction from a
change in equipment requirements.
Exterior Lighting Redesign & Replacement for all London &
Middlesex Housing Corporation (LMHC) Sites
Replacement and redesign of exterior lighting at LMHC sites is
11 500 500 1,000
required to replace these systems which are at, or approaching, the
end of their useful lives, improve efficiency of lighting system
components and to improve site safety.
Total Budget Amendments - Lifecycle Renewal (LC) 927 930 574 2,431
Total Tax Levy Impact - - - -
Note: Capital budget amendments reflect requested investment, it being noted that financing can be accommodated within the capital
plan without impacting the tax levy.
Page 5
CapitalBudgetAmendmentsGrowth
Case 2020 -
Description 2018 2019 Total
# 2025
Realignment of Growth Parks Projects
Changes to the timing of various parks projects to align with
12 (1,617) 807 810 -
changes in timing of subdivision development, noting that there is no
additional funding requirement to the 10 year capital plan.
Deferral of New Fire Station 15
Deferral of new fire station to be located in the southeast area of the
13 City from 2020 to 2022, as well as increased funding to address (200) 611 411
higher costs resulting from recent trends in facility construction
pricing.
Adelaide Street - CPR Grade Separation
Project previously identified beyond the 10 year plan is being
14 7,100 12,800 40,000 59,900
advanced to align with the rapid transit system plan. Construction is
now planned to occur as early as 2021.
Western Road Widening - Platts Lane to Oxford Street
15 Additional funding required due to project modifications resulting 3,500 3,500
from the detailed design.
Realignment of Growth Transportation Projects
16 Changes to the timing of various transportation projects resulting in (11,623) 4,215 7,408 -
no additional funding requirement to the 10 year capital plan.
Total Budget Amendments - Growth (G) (2,640) 17,622 48,829 63,811
Total Tax Levy Impact - - - -
Note: Capital budget amendments reflect requested investment, it being noted that financing can be accommodated within the capital
plan without impacting the tax levy.
Page 6
CapitalBudgetAmendmentsServiceImprovement
Case 2020 -
Description 2018 2019 Total
# 2025
Dundas Place Field House
Increased funding for a physical indoor space (field house)
4 280 280
accessible on Dundas Place required to support the day-to-day
operations of the Dundas Flexible Street.
Farquharson, Glen Cairn & Silverwoods Arenas
Decommissioning
17 54 126 180
Increased funding to address higher costs from recent trends in
facility construction pricing.
Relocation of Existing Resources to New Fire Station 16
Deferral of new fire station to be located in the Wharncliffe area
18 south of Springbank Dr. toward Commissioners Rd. W. from 2020 (500) 300 597 397
to 2022, as well as increased funding to address higher costs
resulting from recent trends in facility construction pricing.
Western Rd. & Philip Aziz Ave. Improvements Deferred
Road improvements at Western Rd. and Philip Aziz Ave. deferred
19 from 2018 to 2020 to enable coordination with Rapid Transit (6,000) 6,000 -
improvements that are in development through the Shift
Environmental Assessment.
Total Budget Amendments - Service Improvement (SI) (6,446) 580 6,723 857
Total Tax Levy Impact - - - -
Total LC/G/SI Budget Amendments (8,159) 19,132 56,126 67,099
Total Tax Levy Impact - - - -
Note: Capital budget amendments reflect requested investment, it being noted that financing can be accommodated within the capital
plan without impacting the tax levy.
Page 7
ii. That the following capital budget adjustments only impacting the 2020-2025 forecast BE APPROVED in principle, it being
noted the changes to the forecast represent an increase of $3.1 million.
2020 -
Description 2018 2019 Total
2025
Northwest Branch Library Update
Increased funding to address higher costs from recent trends in facility 1,232 1,232
construction pricing.
London Convention Centre Capital Projects Realigning
Refinements to the capital plan resulting in a small increase for event 20 20
furniture and fixtures.
Additional Funding For New Spray Pads
Increased funding to address higher costs from recent trends in 306 306
construction pricing.
Replacement & Relocation of Fire Training Tower
Project has been adjusted to reflect the timing of when funds will be
- -
required for design and construction (construction planned for 2024), noting
that no additional funding is required.
Parking Technology System
Additional funding required in 2022 to address lifecycle renewal 500 500
requirements of the parking technology system.
Realignment of Growth Transportation Projects Only Impacting 2020-
2025
- -
Changes to the timing of various transportation projects resulting in no
additional funding requirement to the 10 year capital plan.
Vehicle and Equipment Replacements
Additional funding required for replacement of vehicle and equipment based
1,089 1,089
on ongoing market evaluations, cost experience and annually adjusted
replacement value research.
Total Budget Adjustments - - 3,147 3,147
Total Tax Levy Impact - - - -
Note: A budget amendment case is not required since these capital project adjustments do not impact the 2016-2019 multi-year
budget period.
Page 8
d) That the reconciliation of the tabled budget to the Public Sector Accounting Board financial statement budget BE RECEIVED
for information (Appendix F, page 51).
e) That, in accordance with section 291(4)(c) of the Municipal Act 2001, as amended, the following actions be taken with respect
to the operating budget (Appendix A, page 29):
i. The revised 2018 tax levy BE READOPTED in the gross amount of $xx and in the net amount of $xx after recognizing
an estimated $xx of increased taxation from assessment growth.
ii. The revised 2019 forecasted tax levy BE READOPTED in the gross amount of $xx and in the net amount of $xx.
f) That, in accordance with section 291(4)(c) of the Municipal Act 2001, as amended, the following actions be taken with respect
to the capital budget (Appendix C, page 40):
i. The revised 2018 capital budget BE READOPTED in the amount of $xx.
ii. The revised 2019 capital budget BE READOPTED in the amount of $xx.
iii. The revised 2020-2025 capital forecast BE APPROVED in principle in the amount of $xx.
g) That the Reserves and Reserve Funds Overview BE APPROVED; it being noted projections are subject to annual review and
adjustment (Appendix D, page 47).
h) That the Civic Administration BE DIRECTED to bring forward any necessary by-laws regarding the operating and capital
budgets for introduction at Municipal Council on December 12, 2017.
i) That the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer and the City Clerk BE
INSTRUCTED to prepare the 2018 Tax Levy By-law for introduction and enactment by the Municipal Council at the
appropriate time.
Page 9
Table 1 First Year and Second Year Approved 2016-2019 Multi-Year Budget
20162019MultiYearBudget
2.9% 2.9% 2.9%
3.0%
2.5% 2.9% 2.9% 2.9%
2.5%
2.5%
2.0%
Page 10
Each budget amendment that has an impact on the remaining years of the multi-year budget (i.e. 2018-2019) is supported by a multi-
year budget amendment case that provides Municipal Council with the justification and rationale for the amendment and the financial
and staffing impacts.
The budget document contains a total of 19 budget amendments that are being recommended by Civic Administration. Of the
recommended budget amendments, all of the capital budget amendments can be accommodated within the capital plan resulting in
no impact to the tax levy. The remaining operating budget amendments, excluding one, result in an impact to the tax levy.
Page 11
Should Municipal Council choose to approve all of the recommended budget amendments, excluding the budget amendments
related to proposed Provincial legislation related to minimum wage and an in-camera corporate budget matter (budget amendments
7 and 8) the average annual tax levy from rates from 2016-2019 will be maintained at 2.8% (Table 2). In order to offset budget
pressures, Civic Administration has submitted two budget amendment reductions that have assisted in maintaining the 2016-2019
average annual tax levy increase from rates at 2.8%. It is important to note that in addition to the submitted budget amendment
reductions, Civic Administration has been able to achieve the service review target reductions of $500 thousand in 2016 and $1.0
million in 2017. Additionally, the service review targets of $1.5 million in 2018 and $1.0 million in 2019 still must be achieved.
4.0%
20162019MultiYearBudget
2.9% 3.1%
3.0% 2.5% 2.7%
2.9% 2.9% 2.9%
2.0% 2.5%
2016 2017 2018 2019
Approved Revised
Page 12
If all recommended budget amendments are approved by Municipal Council, the average annual tax levy from rates from 2016-2019
would increase from 2.8% to 3.0% (Table 3). The increase is primarily due to proposed Provincial legislation related to minimum
wage that was not known when the multi-year budget was initially approved and an in-camera corporate budget matter that is also
beyond the control of Civic Administration. These unanticipated issues are putting budgetary pressures on the tax levy in 2018 and
2019 as illustrated in Figure 1 and Figure 2 on the next page.
4.0%
20162019MultiYearBudget
3.3% 3.3%
2.9%
3.0% 2.5%
2.9% 2.9% 2.9%
2.0% 2.5%
2016 2017 2018 2019
Approved Revised
Page 13
Page 14
BudgetAmendmentCase#1NewCouncilDirection ($000's)
LondonMusicIndustryDevelopmentOffice 2016 2017 2018 2019
Expenditure Inc/(Dec) 150 150
Revenue (Inc)/Dec (150) (150)
Net Requested Tax Levy (Cumulative) - -
Recommended
BudgetAmendmentCase#2NewCouncilDirection ($000's)
Councillors'AnnualCompensation 2016 2017 2018 2019
Expenditure Inc/(Dec) 245
Recommended
Revenue (Inc)/Dec -
Net Requested Tax Levy (Cumulative) 245
Incremental Net Increase/(Decrease) 245
Rationale:
At its meeting on August 22, 2017, Municipal Council, on the recommendation of the 2016 Council Compensation Review
Task Force, resolved that effective the next term of Council the annual compensation for serving as a Ward Councillor be set
at the 2016 median full-time employment income for Londoners.
Page 15
BudgetAmendmentCase#3CostDriver ($000's)
UTRCA10YearEnvironmentalTargetsStrategicPlan 2016 2017 2018 2019
Expenditure Inc/(Dec) 191 400
Revenue (Inc)/Dec - -
Net Requested Tax Levy (Cumulative) 191 400
Incremental Net Increase/(Decrease) 191 209
Rationale:
Recommended
The UTRCA Board of Directors approved its Environmental Targets Strategic Plan in June 2016. This plan proposes the
most significant programming change in the Authoritys nearly 70 year history. These Environmental Targets are designed to
advance achievement of the UTRCA's goals:
1. Protecting people and their property from flooding and erosion;
2. Protecting and improving water quality;
3. Managing and expanding natural areas; and
4. Providing outdoor recreation/education opportunities.
In total, $4 million in new funding to support new staff and programs will be required annually to support this work. This new
funding is being sought from all four of the UTRCAs traditional revenue streams in the following proportions: senior
government funding (28%), municipal funding (28%), user fees (30%) and special contracts (14%). Municipal levy funding is
being requested from all 17 member municipalities with a planned four year phase-in (2017- 2020).
New municipal funding of $179 thousand was approved by Municipal Council on a permanent basis during the 2017 Annual
Budget Update, as per the Strategic Plans proposed budget.
Page 16
BudgetAmendmentCase#4CostDriver ($000's)
DundasPlaceOngoingPlaceManagement 2016 2017 2018 2019
Expenditure Inc/(Dec) 75 475
Revenue (Inc)/Dec (75) (100)
Net Requested Tax Levy (Cumulative) - 375
Recommended
BudgetAmendmentCase#5CostDriver ($000's)
EliminationoftheAnnualPaymenttotheStillerCentre 2016 2017 2018 2019
Expenditure Inc/(Dec) (224) (228)
Revenue (Inc)/Dec - -
Net Requested Tax Levy (Cumulative) (224) (228)
Recommended
Page 17
BudgetAmendmentCase#6RevenueDriver ($000's)
IncreasedOntarioWorksAdministrationSubsidy 2016 2017 2018 2019
Expenditure Inc/(Dec) - -
Recommended
BudgetAmendmentCase#7NewRegulation ($000's)
ProposedMinimumWageIncreases 2016 2017 2018 2019
Expenditure Inc/(Dec) 1,584 2,207
Revenue (Inc)/Dec (131) (183)
Net Requested Tax Levy (Cumulative) 1,453 2,024
Recommended
Page 18
BudgetAmendmentCase#8"InCamera" ($000's)
ConfidentialMatter"InCamera" 2016 2017 2018 2019
Expenditure Inc/(Dec) 1,455 2,485
Recommended
Revenue (Inc)/Dec - -
Net Requested Tax Levy (Cumulative) 1,455 2,485
Incremental Net Increase/(Decrease) 1,455 1,030
Rationale:
A matter pertaining to labour relations and employee negotiations, advice or recommendations of officers and employees of
the Corporation including communications necessary for that purpose, and for the purpose of providing instructions and
directions to officers and employees of the Corporation.
Page 19
2016-2019 Multi-Year Capital Budget and Ten Year Capital Plan
(Including Capital Amendments)
Total Approved Budget 213,725 268,521 167,495 173,100 822,841 1,314,346 2,137,187
Total Revised Budget (submitted October 30, 2017) 213,725 268,521 159,336 192,232 833,814 1,373,619 2,207,433
1
Total Capital Expense Increase/(Decrease) - - (8,159) 19,132 10,973 59,273 70,246
Sources of Financing
Capital Levy (CL) - - - - - - -
Debenture (D) - - (3,800) 8,387 4,587 27,237 31,824
Reserve Fund (RF) - - 852 855 1,707 6,234 7,941
Other (O) - - - - - - -
Non-tax Supported (NTS) - - (5,211) 9,890 4,679 25,802 30,481
Total Revenue Increase/(Decrease) - - (8,159) 19,132 10,973 59,273 70,246
Net Tax Levy Impact - - - - - - -
Subject to rounding
Note 1: Includes the recommended budget amendments (4, 9-19) supported by budget amendment cases and 2020-2025 budget adjustments that do not require a budget
amendment case since there is no impact to 2016-2019.
Page 20
Page 21
Lifecycle Renewal Capital Budget ($000's)
2016-2019 Multi-Year Budget 2020-2025 2016-2025
2016 2017 2018 2019 Total Forecast Capital Plan
Lifecycle Renewal Approved Budget 86,942 77,707 69,856 77,640 312,145 538,176 850,321
Lifecycle Renewal Revised Budget 86,942 77,707 70,783 78,570 314,002 540,359 854,361
Increase/(Decrease) - - 927 930 1,857 2,183 4,040
Sources of Financing
Capital Levy (CL) 469 403 872 1,269 2,141
Debenture (D) (788) (403) (1,191) (3,820) (5,011)
Reserve Fund (RF) 852 855 1,707 4,234 5,941
Other (O) - - -
Non-tax Supported (NTS) 394 75 469 500 969
Total Revenue - - 927 930 1,857 2,183 4,040
Net Tax Levy Impact - - - - - - -
address increased funding for replacement vehicles and information 77 80 157 574 731
technology storage server, partially offset by a reduction from a
change in equipment requirements.
Source of Financing: Capital Levy, Police Vehicle Replac. RF RF RF CL, RF
Budget Amendment Case #11
Exterior Lighting Redesign & Replacement for all London &
Middlesex Housing Corporation (LMHC) Sites
Rationale: Replacement and redesign of exterior lighting at LMHC
500 500 1,000 - 1,000
sites is required to replace these systems which are at, or
approaching, the end of their useful lives, improve efficiency of
lighting system components and to improve site safety.
Source of Financing: Public Housing Major Upgrades RF & Other RF, O RF, O
Page 22
Total 2016-2019 Budget Amendments (Inc/(Dec)) - - 927 930 1,857 574 2,431
2020-2025 Budget Amendments - Business Cases Not Required (Inc/(Dec)) 1,609 1,609
Total Lifecycle Renewal Budget Amendments (Inc/(Dec)) - - 927 930 1,857 2,183 4,040
Page 23
Growth Approved Budget 118,979 129,819 80,841 86,005 415,644 598,106 1,013,750
Growth Revised Budget 118,979 129,819 78,201 103,627 430,626 648,473 1,079,099
Increase/(Decrease) - - (2,640) 17,622 14,982 50,367 65,349
Sources of Financing
Capital Levy (CL) (23) 47 24 29 53
Debenture (D) 2,988 7,760 10,748 25,036 35,784
Reserve Fund (RF) - - -
Other (O) - - -
Non-tax Supported (NTS) (5,605) 9,815 4,210 25,302 29,512
Total Revenue - - (2,640) 17,622 14,982 50,367 65,349
Net Tax Levy Impact - - - - - - -
Page 24
Growth Capital Budget ($000's) (continued)
2016-2019 Multi-Year Budget 2020-2025 2016-2025
2016 2017 2018 2019 Total Forecast Capital Plan
Total 2016-2019 Budget Amendments (Inc/(Dec)) - - (2,640) 17,622 14,982 48,829 63,811
2020-2025 Budget Amendments - Business Cases Not Required (Inc/(Dec)) 1,538 1,538
Total Growth Budget Amendments (Inc/(Dec)) - - (2,640) 17,622 14,982 50,367 65,349
Page 25
Total Growth 2020-2025 Budget Amendments (Inc/(Dec)) 1,710 415 (428) (235) - 76 1,538
Page 26
Service Improvement Capital Budget ($000's)
2016-2019 Multi-Year Budget 2016-2025
2020-2025
Capital
2016 2017 2018 2019 Total Forecast
Plan
Service Improvement Approved Budget 7,804 60,995 16,798 9,455 95,052 178,064 273,116
Service Improvement Revised Budget 7,804 60,995 10,352 10,035 89,186 184,787 273,973
Increase/(Decrease) - - (6,446) 580 (5,866) 6,723 857
Sources of Financing
Capital Levy (CL) (446) (450) (896) (1,298) (2,194)
Debenture (D) (6,000) 1,030 (4,970) 6,021 1,051
Reserve Fund (RF) - 2,000 2,000
Other (O) - - -
Non-tax Supported (NTS) - - -
Total Revenue - - (6,446) 580 (5,866) 6,723 857
Net Tax Levy Impact - - - - - - -
Page 27
pricing.
Source of Financing: Capital Levy, Debt CL D D
Total 2016-2019 Budget Amendments (Inc/(Dec)) - - (6,446) 580 (5,866) 6,723 857
Total Service Improvement Budget Amendments (Inc/(Dec)) - - (6,446) 580 (5,866) 6,723 857
Page 28
APPENDIXA
OPERATINGBUDGET
OVERVIEW
Page 29
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
2016 2017 2018
2
2019
2 2016-2019
Operating Budget Average %
Expense Net Expense Net Expense Net Expense Net Inc/(Dec)
3
Page 30
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
1
2016-2019 2016 2017 Annual Update 2016-2019 2018-2019
Approved Approved Approved 2018 2019 Revised Net
SERVICE
Net Net Net Amended Amended Net Budget
1 1 1 Net Net
Budget Budget Budget Budget Inc/(Dec)
Budget Budget
2
Culture Services 97,929 23,918 24,326 24,671 25,014 97,929 -
2
Economic Prosperity 47,712 11,845 11,919 11,739 11,756 47,260 (452)
2
Environmental Services 87,007 20,693 21,584 22,328 22,993 87,598 591
Parks, Recreation & Neighbourhood Services 133,483 31,979 33,372 33,854 34,278 133,483 -
2
Planning & Development Services 27,817 6,886 6,874 7,033 7,399 28,192 375
Protective Services 672,118 159,188 167,139 171,099 174,693 672,118 -
2
Social & Health Services 269,284 67,829 67,830 65,645 66,779 268,084 (1,200)
Transportation Services 267,524 64,056 66,392 67,857 69,219 267,524 -
Corporate, Operational & Council Services 2 239,902 56,662 61,131 61,244 61,109 240,146 245
2
Financial Management 413,075 93,377 96,412 109,691 121,012 420,492 7,417
PROPERTY TAX LEVY SUPPORTED
BUDGET 2,255,853 536,434 556,980 575,162 594,252 2,262,828 6,975
Subject to rounding
Notes:
1. Amounts reported include housekeeping budget adjustments.
2. Amounts reported include the impact of 2018-2019 recommended budget amendments 1 through 8.
Page 31
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
1
2016-2019 2016 2017 Annual Update 2016-2019 2018-2019
Approved Approved Approved 2018 2019 Revised Net
SERVICE
Net Net Net Amended Amended Net Budget
1 1 1 Net Net
Budget Budget Budget Budget Inc/(Dec)
Budget Budget
CULTURE SERVICES
Centennial Hall 659 138 157 173 191 659 -
2
Arts, Culture & Heritage Advisory & Funding 8,850 2,172 2,212 2,218 2,248 8,850 -
Museum London 6,706 1,635 1,665 1,690 1,716 6,706 -
Eldon House 1,126 271 279 286 290 1,126 -
Heritage 745 185 177 188 194 745 -
London Public Library 79,844 19,518 19,835 20,116 20,375 79,844 -
TOTAL CULTURE SERVICES 97,929 23,918 24,326 24,671 25,014 97,929 -
ECONOMIC PROSPERITY
Business Attraction & Retention3 36,321 9,069 9,078 8,860 8,862 35,869 (452)
Community Improvement / BIA 934 227 232 237 238 934 -
London Convention Centre 2,432 589 612 615 616 2,432 -
Tourism London 8,025 1,961 1,998 2,028 2,039 8,025 -
Covent Garden Market - - - - - - -
TOTAL ECONOMIC PROSPERITY 47,712 11,845 11,919 11,739 11,756 47,260 (452)
Subject to rounding
Notes:
1. Amounts reported include housekeeping budget adjustments.
2. Amounts reported include the impacts of budget amendment #1 - London Music Industry Development Office.
3. Amounts reported include the impacts of budget amendment #5 - Elimination of the Annual Payment to the Stiller Centre.
Page 32
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
1
2016-2019 2016 2017 Annual Update 2016-2019 2018-2019
Approved Approved Approved 2018 2019 Revised Net
SERVICE
Net Net Net Amended Amended Net Budget
1 1 1 Net Net
Budget Budget Budget Budget Inc/(Dec)
Budget Budget
ENVIRONMENTAL SERVICES
Kettle Creek Conservation Authority 1,938 436 467 500 535 1,938 -
Lower Thames Valley Conservation Authority 644 153 158 164 169 644 -
2
Upper Thames River Conservation Authority 12,782 2,926 3,240 3,476 3,730 13,373 591
Environmental Action Programs & Reporting 3,101 765 776 780 780 3,101 -
Garbage Recycling & Composting 68,542 16,412 16,942 17,408 17,780 68,542 -
TOTAL ENVIRONMENTAL SERVICES 87,007 20,693 21,584 22,328 22,993 87,598 591
PARKS, RECREATION & NEIGHBOURHOOD SERVICES
Neighbourhood & Recreation Services 81,213 19,445 20,277 20,609 20,882 81,213 -
Parks & Urban Forestry 52,270 12,535 13,096 13,245 13,395 52,270 -
TOTAL PARKS, RECREATION &
NEIGHBOURHOOD SERVICES 133,483 31,979 33,372 33,854 34,278 133,483 -
PLANNING & DEVELOPMENT SERVICES
Building Approvals (3,381) (725) (910) (884) (862) (3,381) -
3
Planning Services 14,115 3,421 3,517 3,586 3,965 14,490 375
Development Services 17,083 4,189 4,267 4,331 4,296 17,083 -
TOTAL PLANNING & DEVELOPMENT
SERVICES 27,817 6,886 6,874 7,033 7,399 28,192 375
Subject to rounding
Notes:
1. Amounts reported include housekeeping budget adjustments.
2. Amounts reported include the impacts of budget amendment #3 - UTRCA 10 Year Environmental Targets Strategic Plan.
3. Amounts reported include the impacts of budget amendment #4 - Dundas Place - Ongoing Place Management.
Page 33
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
1
2016-2019 2016 2017 Annual Update 2016-2019 2018-2019
Approved Approved Approved 2018 2019 Revised Net
SERVICE
Net Net Net Amended Amended Net Budget
1 1 1 Net Net
Budget Budget Budget Budget Inc/(Dec)
Budget Budget
PROTECTIVE SERVICES
Animal Services 7,046 1,708 1,740 1,780 1,819 7,046 -
By-Law Enforcement & Property Standards 5,285 1,239 1,314 1,391 1,341 5,285 -
Corporate Security & Emergency Management 9,443 2,228 2,377 2,408 2,430 9,443 -
Fire Services 237,824 56,047 59,667 59,764 62,346 237,824 -
London Police Services 412,520 97,966 102,042 105,754 106,758 412,520 -
TOTAL PROTECTIVE SERVICES 672,118 159,188 167,139 171,099 174,693 672,118 -
SOCIAL & HEALTH SERVICES
Housing Services 46,736 11,837 11,779 11,598 11,523 46,736 -
Housing Development Corporation 9,594 2,552 2,481 2,278 2,283 9,594 -
London & Middlesex Housing Corporation 38,877 8,992 9,501 9,944 10,440 38,877 -
Long Term Care 20,696 5,030 5,147 5,218 5,301 20,696 -
Land Ambulance 57,356 13,219 14,427 14,742 14,967 57,356 -
Middlesex-London Health Unit 24,380 6,095 6,095 6,095 6,095 24,380 -
2
Social & Community Support Services 71,646 20,105 18,401 15,770 16,170 70,446 (1,200)
TOTAL SOCIAL & HEALTH SERVICES 269,284 67,829 67,830 65,645 66,779 268,084 (1,200)
Subject to rounding
Notes:
1. Amounts reported include housekeeping budget adjustments.
2. Amounts reported include the impacts of budget amendment #6 - Increased Ontario Works Administration Subsidy.
Page 34
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
1
2016-2019 2016 2017 Annual Update 2016-2019 2018-2019
Approved Approved Approved 2018 2019 Revised Net
SERVICE
Net Net Net Amended Amended Net Budget
1 1 1 Net Net
Budget Budget Budget Budget Inc/(Dec)
Budget Budget
TRANSPORTATION SERVICES
Parking (12,771) (3,314) (3,237) (3,138) (3,081) (12,771) -
Public Transit (LTC) 120,927 28,962 29,972 30,731 31,263 120,927 -
Roadways 159,368 38,409 39,658 40,264 41,038 159,368 -
TOTAL TRANSPORTATION SERVICES 267,524 64,056 66,392 67,857 69,219 267,524 -
CORPORATE, OPERATIONAL & COUNCIL SERVICES
Corporate Services 216,837 50,781 54,211 55,625 56,219 216,837 -
Corporate Planning & Administration 5,493 2,195 2,380 955 (37) 5,493 -
Council Services 2 13,764 3,409 3,440 3,454 3,705 14,008 245
Public Support Services 3,808 276 1,101 1,210 1,221 3,808 -
TOTAL CORPORATE, OPERATIONAL &
COUNCIL SERVICES 239,902 56,662 61,131 61,244 61,109 240,146 245
Subject to rounding
Notes:
1. Amounts reported include housekeeping budget adjustments.
2. Amounts reported include the impacts of budget amendment #2 - Councillors' Annual Compensation.
Page 35
2016-2019 OPERATING BUDGET OVERVIEW
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
1
2016-2019 2016 2017 Annual Update 2016-2019 2018-2019
Approved Approved Approved 2018 2019 Revised Net
SERVICE
Net Net Net Amended Amended Net Budget
1 1 1 Net Net
Budget Budget Budget Budget Inc/(Dec)
Budget Budget
FINANCIAL MANAGEMENT
Corporate Financing
Capital Financing
Capital Levy 164,834 37,271 40,760 42,176 44,626 164,834 -
Debt Servicing 152,800 37,575 37,255 38,256 39,715 152,800 -
Contribution to Capital Reserve Funds 88,140 18,807 21,244 23,444 24,644 88,140 -
Other Related Financing
2&3
Contingencies 65,440 13,613 12,116 19,925 27,202 72,857 7,417
Other Corporate Revenues & Expenditures (81,923) (19,832) (20,899) (20,078) (21,114) (81,923) -
Finance 23,784 5,943 5,935 5,968 5,938 23,784 -
TOTAL FINANCIAL MANAGEMENT 413,075 93,377 96,412 109,691 121,012 420,492 7,417
Subject to rounding
Notes:
1. Amounts reported include housekeeping budget adjustments.
2. Amounts reported include the impacts of budget amendment #7 - Proposed Minimum Wage Increases.
3. Amounts reported include the impacts of budget amendment #8 - Confidential Matter - "In-Camera".
Page 36
APPENDIXB
STAFFINGCHANGESOVERVIEW
Page 37
2016-2019 STAFFING CHANGES OVERVIEW
2018 ANNUAL BUDGET UPDATE
Page 38
2016-2019 STAFFING CHANGES OVERVIEW (CONTINUED)
2018 ANNUAL BUDGET UPDATE
Page 40
2016-2019 CAPITAL BUDGET OVERVIEW WITH FORECAST FOR 2020-2025
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
CAPITAL BUDGET BY CLASSIFICATION
Annual Update 2018-2019 2020-2025 Total
2016 2017 Revised 2020-2025
Budget Budget Revised
Classification Approved Approved 2018 2019 2016-2019 Revised
1 1 Increase/ Increase/ Ten Year
Budget Budget Amended Amended Budget Forecast
(Decrease) (Decrease) Plan
Lifecycle Renewal 86,942 77,707 70,783 78,570 314,002 1,857 540,359 2,183 854,361
Growth 118,979 129,819 78,201 103,627 430,626 14,982 648,473 50,367 1,079,099
Service Improvement 7,804 60,995 10,352 10,035 89,186 (5,866) 184,787 6,723 273,973
2-3
Total Expenditures 213,725 268,521 159,336 192,232 833,814 10,973 1,373,619 59,273 2,207,433
Subject to rounding
Notes:
1. Amounts reported in the 2016 and 2017 Capital Budget include housekeeping budget adjustments.
2. The 2016 to 2025 Capital Budget includes Non-TCA expenditures that will not result in the creation of a tangible asset (having physical substance). Non-TCA
expenditures are reported annually through the Financial Statement reporting process.
3. Includes the recommended budget amendments (4, 9-19) supported by budget amendment cases and 2020-2025 budget adjustments that do not require a
budget amendment case since there is no impact to 2016-2019.
Page 41
2016-2019 CAPITAL BUDGET OVERVIEW WITH FORECAST FOR 2020-2025
2018 ANNUAL BUDGET UPDATE (AS RECOMMENDED)
($000's)
CAPITAL BUDGET BY SERVICE PROGRAM
Annual Update 2018-2019 2020-2025 Total
2016 2017 Revised 2020-2025
Budget Budget Revised
Service Program Approved Approved 2018 2019 2016-2019 Revised
1 1 Increase/ Increase/ Ten Year
Budget Budget Amended Amended Budget Forecast
(Decrease) (Decrease) Plan
Culture Services 4,638 2,800 2,137 6,540 16,115 - 17,662 1,232 33,777
Protective Services 8,822 4,575 4,965 5,649 24,011 (243) 99,002 1,782 123,013
Social & Health Services 2,608 5,108 3,458 3,758 14,932 1,000 22,098 - 37,030
Transportation Services 127,801 200,212 98,953 127,779 554,745 9,991 935,853 53,908 1,490,598
Debenture 31,246 40,159 22,256 29,031 122,692 4,587 156,388 27,237 279,080
Reserve Fund 31,169 25,094 27,033 27,883 111,179 1,707 206,003 6,234 317,182
Debenture 22,023 40,194 14,317 28,487 105,021 (11,407) 135,063 25,070 240,084
Reserve Fund 33,126 30,837 40,885 43,287 148,135 14,097 147,027 (5,268) 295,162
Federal Gas Tax 16,479 12,691 12,705 18,321 60,196 (1,146) 110,902 - 171,098
Other 12,301 6,353 1,227 2,060 21,941 3,135 6,463 6,000 28,404
Sub-total Non-Tax Supported 115,635 156,012 69,876 92,947 434,470 4,679 712,313 25,802 1,146,783
Total Sources of Financing 2 213,725 268,521 159,336 192,232 833,814 10,973 1,373,619 59,273 2,207,433
Subject to rounding
Notes:
1. Amounts reported in the 2016 and 2017 Capital Budget include housekeeping budget adjustments.
2. Includes the recommended budget amendments (4, 9-19) supported by budget amendment cases and 2020-2025 budget adjustments that do not require a
budget amendment case since there is no impact to 2016-2019. Page 43
2026 - 2027 CAPITAL BUDGET FORECAST
2018 ANNUAL BUDGET UPDATE
($000's)
2018-2027
Classification / 2026 2027 Rolling
Source of Financing Forecast Forecast Capital
Plan
CAPITAL BUDGET BY CLASSIFICATION
Lifecycle Renewal 97,920 94,152 881,784
Growth 65,196 37,978 933,476
Service Improvement 24,125 29,125 258,424
Total Expenditures 187,241 161,255 2,073,684
Page 44
2026 - 2027 CAPITAL BUDGET FORECAST
2018 ANNUAL BUDGET UPDATE
($000's)
The following section highlights major capital works contained within the 2026 - 2027 periods of the rolling 10 year
capital plan:
2026 2027
Major Capital Works In 2026 2027
Forecast Forecast
LIFECYCLE RENEWAL
Recreation Facilities - Lifecycle Renewal Program 3,600 3,600
Fire Vehicle Replacement Program 3,681 15
Bus Replacement Program 9,455 9,455
Annual Road Repair Program - Arterial Roads and Secondary Collector Streets 26,939 27,412
Traffic Signal and Street Light Maintenance 8,123 8,371
GROWTH
Huron Street Widening (Highbury to Clarke) 13,275 -
Colonel Talbot Rd. Reconstruction (300 meters South of Southdale to Kilbourne) 8,905 -
Sanatorium Rd. Widening (Riverside to Commissioners) 12,134 -
Southdale Rd. West Widening (Colonel Talbot to Farnham) 13,754 -
Adelaide Street Improvements (Fanshawe Park to Hamilton) - 16,894
SERVICE IMPROVEMENT
London Police Service Facility Expansion 20,000 20,000
Public Housing Regeneration 1,000 1,000
Page 45
RAPID TRANSIT BUDGET
($000's)
On July 26, 2017, Municipal Council approved the Shift Rapid Transit Master Plan and Business Case, increasing the total budget to $500 million.
Previously the total budget was $380 million. The increase is to be supported with additional funding from the Federal and Provincial governments.
The table below shows the adjustments to the Rapid Transit capital budget, including both the budget increase and timing changes resulting from the
Master Plan.
Adjustments
Approved Budget Revised Budget
Increase/(Decrease)
Expenditures and
Sources of Financing 2016-2019 2020 - 2016-2019 2016-2019 2020 -
2014 - 2014 -
Multi-Year 2026 Total Multi-Year 2020-2026 Total Multi-Year 2026 Total
2015 2015
Budget Forecast Budget Forecast Budget Forecast
Total Expenditures 4,700 267,786 110,696 383,182 (107,142) 223,960 116,818 4,700 160,644 334,656 500,000
Sources of Financing
Municipal Contribution:
Capital Levy 648 7,807 3,274 11,729 - - - 648 7,807 3,274 11,729
1
Development Charges 3,385 81,455 33,625 118,465 - - - 3,385 81,455 33,625 118,465
Federal/Provincial 667 178,524 73,797 252,988 (107,142) 223,960 116,818 667 71,382 297,757 369,806
Total Sources of Financing 4,700 267,786 110,696 383,182 (107,142) 223,960 116,818 4,700 160,644 334,656 500,000
Note 1: New provincial regulations on Development Charges recovery for transit projects may change the growth/non-growth splits on the municipal contribution. A
consultant's study on this issue will be completed in 2018.
Page 46
APPENDIXD
RESERVES&RESERVEFUNDSOVERVIEW
Page 47
2016-2025 RESERVES & RESERVE FUNDS OVERVIEW
2018 ANNUAL BUDGET UPDATE
($000's)
Reserves & Reserve Funds Plan Budget Forecast
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Revised Projected Balance - Obligatory Reserve Funds
City Services:
City Services reserve funds are legislated by the Development Charges
(DC) Act, 1997, as amended; a separate reserve fund exists for each 80,995 35,211 30,184 19,803 18,440 19,578 19,375 21,743 23,434 19,054
service upon which a DC is levied; contributions fund future growth related
projects.
Parkland:
Parkland Reserve Fund is legislated by the Planning Act, R.SO. 1990, as
amended; monies standing in the reserve fund represent contributions 2,793 2,126 2,341 2,671 3,108 3,452 3,903 4,261 4,726 5,114
from developers for payments in lieu of providing parkland and the reserve
fund is restricted to supporting related park or other recreational purposes.
Total Obligatory 83,788 37,337 32,525 22,474 21,548 23,030 23,278 26,004 28,160 24,168
Page 48
APPENDIXE
DEBTOVERVIEW
Page 49
2016-2019 DEBT OVERVIEW
2018 ANNUAL BUDGET UPDATE
($000's)
Budget Forecast
Debt Servicing Expenditures
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1
Approved Budget 37,575 37,255 38,256 39,715 41,187 41,966 42,784 43,037 43,037 43,037
Total Amendments
Revised Budget 37,575 37,255 38,256 39,715 41,187 41,966 42,784 43,037 43,037 43,037
2
Revised Budget - Other Corporate 25,375 26,646 27,674 30,263 39,139 40,051 39,195 37,710 42,170 44,507
Revised Budget - Total Corporate 62,950 63,901 65,930 69,978 80,326 82,017 81,979 80,747 85,207 87,544
Page 50
APPENDIXF
RECONCILIATIONOFTABLEDBUDGETTO
PUBLICSECTORACCOUNTINGBOARD
FINANCIALSTATEMENTBUDGET
Page 51
RECONCILIATION OF TABLED BUDGET TO
PUBLIC SECTOR ACCOUNTING BOARD
FINANCIAL STATEMENT BUDGET
Ontario municipalities must adhere to Public Sector Accounting Board (PSAB) accounting standards and reporting requirements, however, with the
introduction of PS1200 in 2009, the Province of Ontario enacted a regulation, Ontario Regulation 284/09, allowing for certain items to be excluded
from their budgets, as long as it was disclosed. Typical PSAB items, such as costs related to amortization expense, post-employment benefit
expense and solid waste landfill closure and post-closure expense can be excluded, however, the regulation requires that the municipality report to
Council on the impact of these excluded costs prior to budget approval.
The regulation requires that the report contain information regarding:
1. An estimate of the change in the accumulated surplus of the municipality to the end of the year resulting from the exclusion of any of those
expenses; and
2. An analysis of the estimated impact of the exclusion of any of those expenses on the future tangible capital asset funding requirements of
the municipality or local board.
Londons 2018 and 2019 draft Property Tax Supported operating budgets as tabled, exclude the following expenses:
1. Expenses for the amortization of tangible capital assets, estimated to be $76.0 million for 2018 and $79.3 million for 2019, are excluded.
The budget does include reserve fund contributions of $57.7 million for 2018 and $57.7 million for 2019 and pay as you go contributions of
$43.3 million for 2018 and $45.6 million for 2019 for capital asset additions.
2. The budget does not contain the current years post-employment benefit expense for early retirement and accrued sick leave, estimated to
total $6.1 million for 2018 and $6.1 million for 2019, for employees that are eligible for these benefits. The Corporation's consolidated liability
as at December 31, 2016 was $149.2 million. Reserve fund balances as of December 31, 2016 of $18.7 million are available to offset this
obligation.
3. The City has a landfill closure and post-closure liability of $34.4 million, which is not recorded as an expense in the budget. The Sanitary
Landfill Reserve Fund, with a balance of $11.9 million as of December 31, 2016, partially offsets this liability.
4. The City also makes contributions to an additional reserve to offset the liabilities created from the post-employment (point 2 above) and
landfill closure and post-closure expenses (point 3 above) depending upon generated surpluses, including personnel cost savings. The
balance in this reserve as of December 31, 2016 was $62.5 million.
If the above items were included in the 2018 and 2019 budgets, the projected annual PSAB surplus would decrease.
Table 1 and Table 2 on the following pages show 2018 and 2019 draft Property Tax Supported operating budgets and the 2017 approved revised
budget in PSAB format.
Page 52
RECONCILIATION OF TABLED BUDGET TO
PUBLIC SECTOR ACCOUNTING BOARD
FINANCIAL STATEMENT BUDGET ($000s)
2017 Tax
2018 2019
Table 1 Supported
Draft Budget Draft Budget
Revised Budget
REVENUES
Property Tax 556,980 572,887 589,551
Property Tax - Proposed Budget Increase - 2,275 4,700
Government Grants & Subsidies 209,557 217,568 220,443
User Fees 45,313 46,583 46,793
Municipal Revenues - Other 68,299 68,754 69,341
Municipal Revenues - Transfers from Capital - - -
Municipal Revenues - Transfers from Reserves and Reserve Funds 6,965 7,757 5,364
Total Revenues 887,114 915,824 936,192
EXPENSES
Personnel Costs 331,250 342,615 352,961
Administrative Expenses 6,245 6,331 6,590
Financial Expenses - Other 11,357 11,533 11,710
Financial Expenses - Interest & Discount on Long-term Debt 5,427 5,717 6,171
Financial Expenses - Debt Principal Repayments 30,748 31,455 32,457
Financial Expenses - Transfers to Reserves and Reserve Funds 52,575 57,684 57,717
Financial Expenses - Transfers to Capital 41,760 43,263 45,626
Purchased Services 178,679 182,358 184,066
Materials & Supplies 34,707 36,025 36,835
Vehicle & Equipment 23,777 24,316 23,917
Transfers 189,986 194,857 199,609
Other Expenses 905 608 (376)
Recovered Expenses (20,302) (20,938) (21,091)
Total Expenses 887,114 915,824 936,192
Page 53
RECONCILIATION OF TABLED BUDGET TO
PUBLIC SECTOR ACCOUNTING BOARD
FINANCIAL STATEMENT BUDGET ($000s)
2017 Tax
2018 2019
Table 2 Supported
Draft Budget Draft Budget
Revised Budget
share of earnings based on our percentage ownership in each GBE. Estimate based on 6 year average.
8) Represents the annual increase in the estimated future cost of post-closure related to landfills. Estimate based on 8 year average.
9) Represents the annual change in the estimated future costs of employee benefits. Estimate based on 8 year average. Page 54
APPENDIXG
TIMETABLE
Page 55
2018 ANNUAL BUDGET UPDATE TIMETABLE
WHAT WHERE&WHEN
Tabling of the 2018 Budget Update to the October 30, 2017
2016-2019 Multi-Year Budget At 4:00 pm (immediately preceding the Council meeting)
Strategic Priorities and Policy Committee
Council Chambers
Budget Sessions Provides an opportunity for Londoners to come out Byron Library, Byron Meeting Room
and speak face-to-face with administration. 1295 Commissioners Road West
November 7, 2017
6:00 pm 8:00 pm
Page 56
london.ca/budget