City of Ottawa forecasts $14.4M surplus in 2018

City Hall
City Hall

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)
  • 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.

Get our email newsletters

Get up-to-date news about the companies, people and issues that impact businesses in Ottawa and beyond.

By signing up you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.

Sponsored

Sponsored