Council Says They Are Reassured After Enquiry Answered

Details of the last ten years of the Accumulated Surplus has help allay some of the fears once Councillor has about using the fund.

Councillor Heather Eby had requested the 10 year details about the Accumulated Surplus - including the annual balance and where money came from entering the account and the what funds had been spent on - as an enquiry to Administration.

The Accumulated Surplus is an account where such things as unspent snow removal funds go. It is often seen as an emergency account where the City can go to if some unbudgeted emergency expense comes up.

At the May 25th Executive Committee meeting Counicllor Eby was the lone voice speaking against using the Accumulated Surplus to fund the expected commercial tax losses due to successful appeals. If $500,000 of the Accumulated Surplus was not used to fund the anticipated commercial property tx losses the other alternative was to add a five percent surcharge to all commercial properties.

In their report at the time Administration favoured the tax surcharge to all commercial properties. Administration has advised Council that they prefer to leave five percent of taxation in the Accumulated Surplus as a contingency in the event of an unseen emergency.

Balance plus the use of the Accumulated Surplus From 2010 - 2020 - Source Answer to Enquiry Report to Council

“Really it is good information to see the last ten years of that account and as I said earlier I don’t like how it has been drawn down but to see where that money has gone and how it has been utilized gave me a little better piece of mind. And just hoping going forward we can start putting in and not taking out as much,” Councillor Heather Eby said.

At the June 14th regular Council meeting the issue of drawing down the Accumulated Surplus was not re-debated and was approved by a simple majority approving the May 29th Executive Committee decision.

The Accumulated Surplus had $5.5 million in it in 2016 and is projected to have a balance of $842,000 in 2021.