City looking at $1.25 million surplus from 2013
Preliminary year-end numbers show spending, revenues higher than expected
Saturday, Feb 15, 2014 06:00 am
Preliminary numbers show the city is sitting at a $1.25 million surplus for 2013.
During Monday’s standing committee on finance meeting council members heard about the projected surplus, which is about a one per cent variance from the 2013 budget.
“I have to say that while it’s very common practice, it is worth noting Mr. Chair, that to be within one per cent of a $100-million budget is always easier for council to deal with it and to be on the right side of that is also easier for council to deal with so thank you to the many people involved,” said Mayor Nolan Crouse. Coun. Wes Brodhead chairs the standing committee on finance meetings.
The preliminary year-end numbers show the city spent $900,000 more than budgeted but also received $2.2 million more in revenue than expected.
The city’s operating funds generated $128.6 million in revenues and $127.3 million in expenditures.
Several departments were under budget, with planning and engineering services and economic development 21 and 24 per cent under budget respectively. Those two departments were the most dramatically under budget.
According to administration’s report, economic development was under budget mainly due to vacant positions and a delay in the retail demand study.
Planning and Engineering Services was under budget because of additional revenue and some vacant positions.
Community and protective services was one per cent over budget and infrastructure services was six per cent over budget.
The final year-end report, as well as staff recommendations on the 2013 reserve transfers, will be before the standing committee on finance in March.