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The City of Ottawa ended 2017 with a $24.9-million surplus, according to a report that the Finance and Economic Development Committee will consider on Tuesday, March 6.
One of the main causes of the surplus was taxable assessment growth. The Municipal Property Assessment Corporation provided the City with final supplementary roll information in December 2017. Council allocated the $10 million in taxes from new properties towards infrastructure renewal projects.
Other factors include additional revenue from land sales and investment income as well as savings due to staff vacancies and lower hydro rates.
Consistent with Council direction, the report recommends transferring the surplus to reserve funds and using $4.3 million from the transit reserve to fund the 2017 transit program.
The Committee will also consider a report on the City’s reserves. A review by consulting firm MNP LLP found that the City manages its reserves proactively and effectively. The proposed management policy and target balances for each reserve would further improve the City’s financial sustainability and flexibility.
Quotes
“This is good news, an overall surplus of $24.9 million for 2017. These prudent financial results will help bolster the City Wide Reserve Funds, helping us maintain our high credit ratings (Moody’s Aaa and S&P AA). Staff are also putting forward new recommendations to strengthen our reserve funds, which will reduce the potential impacts of future fluctuations, decrease risk and provide greater flexibility to the City.”
Mayor Jim Watson
For more information on City programs and services, visit ottawa.ca or call 3-1-1 (TTY: 613-580-2401). You can also connect with us through Facebook, Twitter and Instagram.
查看原文...
One of the main causes of the surplus was taxable assessment growth. The Municipal Property Assessment Corporation provided the City with final supplementary roll information in December 2017. Council allocated the $10 million in taxes from new properties towards infrastructure renewal projects.
Other factors include additional revenue from land sales and investment income as well as savings due to staff vacancies and lower hydro rates.
Consistent with Council direction, the report recommends transferring the surplus to reserve funds and using $4.3 million from the transit reserve to fund the 2017 transit program.
The Committee will also consider a report on the City’s reserves. A review by consulting firm MNP LLP found that the City manages its reserves proactively and effectively. The proposed management policy and target balances for each reserve would further improve the City’s financial sustainability and flexibility.
Quotes
“This is good news, an overall surplus of $24.9 million for 2017. These prudent financial results will help bolster the City Wide Reserve Funds, helping us maintain our high credit ratings (Moody’s Aaa and S&P AA). Staff are also putting forward new recommendations to strengthen our reserve funds, which will reduce the potential impacts of future fluctuations, decrease risk and provide greater flexibility to the City.”
Mayor Jim Watson
For more information on City programs and services, visit ottawa.ca or call 3-1-1 (TTY: 613-580-2401). You can also connect with us through Facebook, Twitter and Instagram.
查看原文...
