A few bucks left over for Port Coquitlam city hall
The city of Port Coquitlam is expected to have a few extra dollars in its coffers by year’s end than what was budgeted.
According to a city staff report, the municipality is projecting an estimated $880,000 surplus, with higher than expected revenues and several key departments coming in under budget.
Mindy Smith, PoCo’s director of corporate services, cautioned that the number is an estimate, and the true amount of surplus will not be known until the new year.
Council will decide how the money is spent but using the funds to reduce taxes will likely not be an option, she said.
“Surplus is one-time money and is not used in the budget to reduce tax rates because the funding source is not sustainable,” she said in an email. “Each year following the completion of the city annual audit, the actual surplus is calculated and council determines how the funds will be used.”
The annual audit is conducted in the spring.
According to a PoCo staff report, the city is expecting $451,000 more in revenues by year end than what was previously budgeted. The extra money is attributed to the timing of several large construction projects, particularly in the Dominion Triangle, which pay development cost charges to the city.
Economic conditions and other city operations can lead to budget variances, the report states, adding that the extra $451,000 is about 0.4% of the city’s overall revenue.
Engineering services was the only department projected to exceed its budget, coming in $61,000, or 1%, over due to the increased expenditures required to accompany the new development in the city.
The city of Port Coquitlam is currently preparing its 2012-2016 financial plan and the public can comment on a survey the municipality is conducting on its website (www.portcoquitlam.ca).