The City of Richmond looks set to record an operating surplus of $3.7 million for 2012.
Although the actual figures still have to be audited, the cash will be poured into the city’s rate stabilization account, which can be used to minimize tax rate increases or for one-time expenditures.
Reasons for the excess funds included:
RCMP: $645,000 due to unfilled positions and lower contract costs; Fire-rescue: $509,000 from lower than expected ECOMM costs and overtime reduction; planning and development department: $1.389 million from higher than budgeted building permit and development application revenues.
Coun. Bill McNulty also suggested putting some of the surplus into the reserve funds as part of the 2014 budget process.