Financial Update for Zero-Emission Bus Program Funding
ACS2023-FSD-FIN-0001 - Citywide
Referred from the City Council meeting of January 25, 2023.
Report Recommendation(s)
That Council approve:
Additional budget authority for the Zero-Emission Bus (ZEB) Program in the amount of $425 million; $350 million from the Infrastructure Canada (INFC) grant and $75 million drawdown on the Canada Infrastructure Bank (CIB) credit facility.
The budget adjustment of $55,015,000 transferring funding from the existing 2022 approved Bus Replacement budget to the ZEB Program Budget.
That the General Manager, Transit Services, as part of the annual budget process, request the City’s share of the ZEB funding requirements and accompanying CIB financing amount for each subsequent tranche of the ZEB purchases required from 2024 to 2025.
That the Chief Financial Officer/Treasurer be authorized to establish a ZEB Program Reserve, as described in this report, to facilitate the repayment of the CIB loan and replacement batteries from accrued savings, as required by the CIB loan agreement.
Adjournment
Next Meeting
Thursday, February 9, 2023.