City delivers balanced budget: $654K budget surplus devoted to reserve funds

The City has balanced the budget with a modest surplus well over half a million dollars.

“This is obviously good news,” says Clae Hack, Director of Finance. “We always strive to keep the City in the black and we’ve been able to achieve that in 2016.”

All civic utilities, including Saskatoon Light and Power and Saskatoon Water, posted surpluses.  The City’s Boards, including the Saskatoon Police Service, also posted surpluses.

Details are highlighted in a report to the Standing Policy Committee on Finance, scheduled to meet Monday, March 6, 2017.

The report outlines the surplus is due primarily to lower than expected oil and fuel prices throughout 2016. Additionally, fewer snow events in 2016 helped contribute to lower expenditures for snow and ice management.  The City also received a surplus payment from the Workers Compensation Board.

Hack says lower than expected revenues were posted in waste handling, at recreation centres and in fines – partially from better compliance.  The City also had to spend more on extra street cleaning and sweeping.  More money was also devoted to road maintenance because of warmer temperatures in spring and fall which extended the work season.

“The majority of the surplus is recommended to be transferred to the City’s Snow and Ice Stabilization Reserve to be used in future years when snow and ice management services exceed budget.”

The report supports the Strategic Goal of Asset and Financial Sustainability by demonstrating how the City invests in what matters, and demonstrates openness, accountability and transparency in the allocation of resources.