As the city heads into a fall election, finance officials are predicting that the municipality will end the year with a sizable surplus.
In a mid-year report being tabled at Monday’s finance and economic development committee, city staff forecast a full-year surplus of $14.4 million.
Here are some of the reasons cited by city staff for the surplus:
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A booming construction sector is generating additional building permit revenue;
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Unfilled vacancies at city hall are reducing compensation costs;
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Reduced demand for cultural and recreational programs;
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Higher investment income;
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Higher revenues from fines and penalties;
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Lower bank service charges; and
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Purchasing discounts
Included in the $14.4-million forecasted surplus is $5.1 million from water and sewer services.
At the same time, the city’s community and social services department is forecasting a deficit of $5.7 million, primarily a result of long-term care compensation due to sick leave and around-the-close coverage as well as shelter costs and growing demand for accomodations.
