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:
OBJ360 (Sponsored)
Investing in the next generation: Ottawa businesses encouraged to build futures through mentorship
Do you remember the mentor in your life who helped shape your career? In the business world, success often depends on the connections we build, fuelled by guidance and support
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
-
A booming construction sector is generating additional building permit revenue;
-
Unfilled vacancies at city hall are reducing compensation costs;
-
Reduced demand for cultural and recreational programs;
-
Higher investment income;
-
Higher revenues from fines and penalties;
-
Lower bank service charges; and
-
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.
