Hey there, time traveller!
This article was published 10/12/2013 (874 days ago), so information in it may no longer be current.
The city is running a deficit for the last weeks of 2013 – the first time that’s happened in six years.
Chief financial officer Mike Ruta said that as of the end of October, the city’s budget was $3.7 million in deficit. However, Ruta said he expects department heads will find enough savings to ensure the budget is balanced by the end of the year.
A civic report said for the same period last year, the city had an $8.5-million surplus. Ruta said additional savings were found in the remaining two months and the city ended 2012 with a $15-million surplus.
Ruta said he believes the only factors that could undermine the budget is another snow storm that would require snow clearing.
Regional and collector street plowing last week cost about $2 million and this week’s comprehensive residential street plowing will cost an additional $4 million.
Finance chairman Russ Wyatt said if there is another snow storm before the end of the month, the city will be forced to borrow from its fiscal stabilization reserve to cover the cost.