wmcquade
How much is the City’s projected 2019 tax supported operating surplus and can this be used to fund one-time expenses in the 2020 operating budget?
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wmcquade
The City’s projected 2019 tax supported surplus is estimated at $2.2 million based upon data available at Q3 2019. The City’s collective contingency reserve position projected for year-end 2020 is a deficit of $2.5 million or 93% of target balance. This includes a net draw on the contingency reserves of $1.2 million as part of the 2020 staff proposed budget.

As a first priority, the 2019 surplus funds should go to replenish the one-time funds budgeted in the 2020 operating budget totalling a net $1.2 million.

This then leaves approximately $1 million of projected 2019 surplus available for Council’s one-time priorities that have been discussed as intentions or to be put towards other priorities like the City Building capital funding strategy. Any use of the contingency reserves beyond the 2019 surplus is not recommended by staff as it will negatively impact the City’s corporate financial ratio’s and Council’s goal of bettering the City’s financial position.
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