City's year-end financial projection is "on budget"

On budget.

That’s the year-end projection for the city’s finances through the first six months of the year.

A report received by council shows various departments have surpluses or deficits and officials caution there’s still plenty of time left in the year.

Budget Chief Sheldon Forgette there are challenges in General Government with possible higher WSIB charges.

He says staff are monitoring the situation.

Meantime, Community Services Committee Chair Mark King says transit is one area that’s seeing a shortfall, to the tune of about $136,000.

He says much of that is attributed to a reduction of ridership and increased operating costs.

Engineering and Works has a projected surplus of about $369,000.  That’s from position gapping and vacancies, reduced material, lower contract service costs, lower fuel rates and decreased overtime.

Chair Councillor Tanya Vrebosch says depending on how November and December shape up, winter controls are anticipated to be under-budget by about $200,000. She points out any surplus typically goes into reserves.

Meantime, Council also received a report on the City’s Water and Sanitary Sewer Operating Budget that anticipates a year-end surplus of about $386,000.

Some of the savings through the first six months are because of vacant positions, changes in scheduling, and fewer emergencies like watermain breaks.