City poised to post a small budget surplus
Posted Sep 5, 2012 8:19 am.
This article is more than 5 years old.
Don’t expect any tax relief, but the city of Calgary is on track to finish the current fiscal year in the black.
An increase in transit ridership is getting most of the credit for helping fatten the city’s bottom line to the tune of $1.2-million.
Alderman Brian Pincott, who sits on the Priorities and Finance Committee, tells 660News while he is encouraged, the small surplus doesn’t give the city much wiggle room.
Pincott says the city needs to get a better handle on revenues from utilities, which are expected to continue to decline as Calgarians reduce water and electricity consumption.
The surplus is expected to be added to the City’s Fiscal Stability Fund which currently sits at almost $241-million.
It costs about $3-billion a year to run the city.
