At this Monday's Committee of the Whole meeting Council received the city's Year-end Operating and Capital Budget monitoring reports as well as our 2021 Long Term Financial Statement - Reserves and Debt.

The Year-End Operating Budget monitoring report shows a deficit of $2.4M or 0.5% variance from budget. This is much lower than the $9.9M deficit projected in November 2021 and was offset by Safe Restart Transit and Operations funding received from the province, as well as dedicated city reserve funds. Some of the operations that were hardest hit include parking, culture, public transit and recreation. The latter two took a double hit of lower revenues plus higher cleaning and Personal Protection Equipment costs.

The 2021 Long Term Financial Statement - Reserves and Debt  report shows that:

• The City's reserves and reserve funds increased 20% over the previous year with a year-end balance of $460M before commitments. This is due to lower capital spending during COVID-19, staffing vacancies, sale proceeds from Hanlon Creek Business Park and operating budget surplus contributions.
• Year-end debt outstanding totaled $137M after principal repayment of $12M and debenture issuance of $49M at historically low interest rates. This was great timing given the current rising rate of inflation. The report states: "Due to historically low interest rates and previously issued debentures reaching maturity, the cost of servicing debt is expected to stay stable over the short-term, and then trending lower in the longer term." (p.15)
• The updated 2019 Parkland Dedication Bylaw is resulting in increasing reserve funds with $5.7M collected in 2021, an increase of $3.5M or 163% over 2020. Council updated the Parkland Dedication Bylaw in 2019 for the first time in 30 years which is making a huge difference. These are not tax revenues. These are funds paid by developers to ensure there is adequate parkland for future residents.

• We moved $500k from the Police Reserve budget towards our affordable housing reserve,
• We allocated $573k towards initiatives identified in the KMPG Service Review, to support the digitization of our planning application process and customer services,
• We allocated $1.3M from operating reserves to co-pay railway crossing improvements in the Paisley/Edinburgh intersection. CN will contribute the same amount to get this rail crossing improved.

• A decision meeting for 710 Woolwich St - this is for the apartment buildings behind the Beer Store across from Marylin Drive, for 96 stacked townhome units. Staff is recommending that Council approve this development.
• Statutory Public Meeting for 205-213 Speedvale Ave E (at Delhi) to build a 3.5 storey, 21-unit apartment building and convert the existing single detached dwelling located at 213 Speedvale Avenue East into a three-unit building. This is an innovative communal living project in our ward and I look forward to hearing from delegates on this application.
• Approval of the York Road/Elizabeth Street Urban Design Concept Plans. This concept plan provides a clear vision for this part of the City which includes higher densities and mixed use residential/commercial spaces. See the image below for the recommended land use designations.

Crews are working throughout Guelph on a neighbourhood by neighbourhood basis to verify locations for new signposts, which takes about three to four weeks to complete. White paint on the curb indicates a new signpost is coming to that location. Work is starting this month and all signs and speed limits changes should be complete by the end of September.

You can expect lower speed limits on 12 collector and arterial roads including sections of Clair Road West, Gordon Street, College Avenue, Wellington Street and Woolwich Street. 

Parking