OLDS — Three quarters of the way through the year, the town has spent 56 per cent of its operating budget and has obtained 79 per cent of projected revenues, according to finance director Sheena Linderman.
Taxes remaining to be collected are down, but only by about $100,000, according to finance director Sheena Linderman, who noted the report, covering Jan. 1 to Sept. 30, represents 75 per cent of the year.
During council’s Nov. 23 meeting, Linderman said as of Sept. 30, the town had spent 20 per cent of its capital budget. She indicated that’s not unusual, as invoices always lag behind.
In the case of capital expenditures “a lot of those projects come in October/November,” she said.
According to the report, the town budgeted to receive a total of $30,848,570 in revenue this year.
Up to Sept. 30, revenue totalled $24,456,756, with $6,391,824 anticipated to come in.
Total revenues in the 2019 budget were $30,878,866.
The 2020 budget called for total expenditures of $30,848,570.
As of Sept. 30, $17,338,531 had been spent and it was anticipated that $13,510,039 would be spent to Dec. 31.
The 2019 budget called for total expenditures of $34,326,978.
As of Sept. 30, $2.6 million worth of taxes were still uncollected.
Liknderman said that’s “slightly up from the same time in 2019.”
"But I did look again today and we are at about $100,000 difference (compared to 2019), which is not bad, all things considered,” she said.
Linderman also pointed out that the town’s long-term debt is up. It rose from $549,932 in 2019 to $8,363,655 in this year’s budget.
She said that’s due to the debenture taken out for construction of the new Operations Centre. Linderman also said it reflects “cash in hand.”
Linderman said as of Sept. 30, the town had racked up $145,077 in COVID-related expenses.
Mayor Michael Muzychka said those expenses are being covered by the provincial government’s MOST (Municipal Operating Support Transfer) program.
Muzychka said when all the things the town has had to deal with are considered, "I think we’re sitting pretty well."
