CITY ON TRACK FOR BALANCED BUDGET: THIRD QUARTER RESULTS

The latest budget status report update, to be received by the Executive Committee today, shows a balanced budget is projected by the end of the year. 

“The business plan and budget has benefited overall in part from savings driven by lower than expected fuel costs and good construction weather,” says Kim Matheson, Director of Strategic & Business Planning. “The City also received a $1.46 million Workers Compensation Board refund.” 

“More money than expected from the Provincial power and natural gas companies, better returns on our investments, as well as savings and extra provincial funding for policing also contributed to this positive third quarter projection.”

So the City can react accordingly, status updates on the Corporate Business Plan and Budget each quarter help to ensure City Council and its Administration are aware of emerging financial issues and challenges.

To that end, City Administration is aware certain business lines face deficits because of more aggressive street sweeping, implementing a new parking system, lower electricity sales and the delayed rollout in the provincial Multi-Material Recycling Program. Fortunately, shortfalls can be cushioned with reserves or continuous improvement and cost-cutting measures.

“Additionally, building permit numbers and construction values continue to be strong,” Matheson says.  “At roughly this time last year, there were three construction permits with a value higher than $10 million; this year, there are seven such projects – which is another indicator Saskatoon’s economy remains strong.”

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