The City of Yorkton realized a $406,537 budget surplus in 2016.
The details of the surplus were unveiled at the regular meeting of Yorkton Council Monday.
Revenues for the City in 2016 were actually $165,094 less than budgeted, explained Shannon Bell, Director of Finance with the City at the regular meeting of Yorkton Council Monday.
However, department operations were $239,260 less than budgeted.
In addition, when including capital the net surplus for 2016 was the $406,536, said Bell.
The largest losses to revenue came from taxes at $523,039.
“The City of Yorkton experienced multiple year losses in 2016 once the Saskatchewan Municipal Board (SMB) made their decisions on many property assessment appeals that amounted to a total loss of $769,185. In 2016 the City only budgeted for $100,000 in property assessment appeal losses as this amount has historically been more than sufficient for losses. This caused a $669,185 shortfall in taxation revenue as compared to budget,” detailed a report circulated at the Monday meeting.
The good news was revenues from other sources totalling $683,344, said Bell. Those included $142,011 in WCB premium refunds, $122,106 in tax growth, and $181,400 transit reserve that is held by Saskatchewan Abilities.
“At the end of each fiscal year any surplus incurred will be analyzed to see what contributed to the surplus. Also future projects will be considered as well as additional expenses that have come up since the next year’s budget has been approved. Finance will then determine what the best actions are for the surplus incurred and present a recommendation to Council. Below is Finance’s recommendation for the 2016 $406,536 surplus incurred,” detailed the report to Council.
Administration recommended, and Council supported the recommendation unanimously, to dedicate the following surplus dollars.
• Street Lights at Snow Dump for safety purposes $20,000
• Planning Department for Heritage Screening on land near Yorkton Creek - $50,000
• Repay Water Utility Reserve for Roadway - $124,323
• Rainy Day Fund - $138,708 budgeted plus $72,992 - $211,700
