Saint John is projecting a surplus of more than $2.2 million at the end of the year.
City staff presented the latest year-end projections to finance committee members this week.
Finance manager Craig Lavigne said with more than a month left in the year, the projected figures could change.
“This fiscal year still has two months of expenses to be incurred. The city is now moving into our winter season, and costs could increase based on the weather,” said Lavigne.
Lavigne noted that the city saw its revenue improve this year as pandemic restrictions lifted.
“Overall revenues are improving in areas that were impacted by COVID-19, such as parking, recreation, and pottable revenues for water are improving,” he said.
“As well, the surplus of potable water could be largely attributed to better than anticipated revenue.”
Highlights from the year-end forecast include the city seeing an $869,567 overall positive variance in property taxes and unconditional grants, which staff said is due to the net property tax related to Saint John LNG.
“But, this is the last year that LNG has been incorporated into our budget, moving forward in 2023 and beyond it’s included in our base tax at the beginning of the year,” said Lavigne.
Saint John’s growth and community services are also anticipating a positive variance of $887,871, which relates to an increase in the building permit and accommodation levy revenue.
“Public works and transportation services are just over $2 million in positive surplus, and the majority of that surplus relates to relates to increase in meter violations, traffic bylaw fines, and various parking lot revenue, as well as an additional $1.38 million in funding under DTI’s municipally designated highway program,” said Lavigne.
Strategic services and corporate services have negative variances of $636,849 and $176,000 respectively, he said.
You can view Lavigne’s full presentation to committee members by clicking here.
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