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:
(Sponsored)
How Carleton is using simulation and visualization to improve training, design and human performance
From healthcare to aviation to architecture, simulation and visualization tools have become an essential part of training, analysis and decision-making in sectors that rely on precision. At Carleton University, researchers
‘Prenup of business law’: Reasonable expectations in shareholder disputes
The scenario: You’re a 60 per cent shareholder. Your business partner holds the other 40 per cent. And you’ve just found a third party who wants to buy you out.
-
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.
