The City of Saskatoon’s year-end financial results for 2019 yield a surplus of $518,343, according to a city report.
Municipal revenue sharing grants were up $1.6-million due to the change in the PST formula the province tabled in its 2019 budget.
Higher than anticipated interest earnings, lease revenues and returns on investments raised general revenues by $766,100.
There was a $1.3-million deficit for waste handling serves because of a shortfall in landfill revenue and increased expenses for green cart and compost programs. There was an $802,500 deficit in parking ticket revenue mainly due to increased compliance from drivers. Extreme winter conditions in early 2019 resulted in a snow and ice deficit of $646,610.
Administration is recommending a reserve transfer to offset the deficit for the 2019 Snow and Ice Program.
“Last year, we had several variables in terms of weather extremes, which increased the need for more fleet vehicles on the roads, and overtime hours to keep roads safe and maintained for all residents,” Chief Financial Officer Kerry Tarasoff said in a news release.
The city will work to support core services as they deal with the COVID-19 pandemic, he said.
“With continued fiscal management, accountability, and transparency, we are pleased to be in a surplus position, which allows for the strengthening of this important Reserve, especially as we start to deal with the COVID-19 pandemic in early 2020.
“With a solid financial position, City Administration will look to support core services, and continue to make important financial decisions throughout 2020.”