OLDS — Three quarters of the way through its fiscal year, the town of Olds has spent 61 per cent of its 2022 budget and 26 per cent of its capital budget, finance director Sheena Linderman says.
Linderman made that announcement during town council’s Nov. 28 meeting.
She noted that although spending in the capital budget looks low now, that will change quickly.
“We will see that come up in the next month or two as most capital projects get invoiced out (in) October, November,” Linderman said.
According to documents contained in the Nov. 28 council agenda package, in its 2022 operating budget, the town budgeted for expenditures totalling $31,742,919. As of Sept. 30, $19,321,629 had been spent, leaving $12,421,290 remaining.
Total revenue anticipated this year was pegged at $31,742,919. As of Sept. 30, the town had received $26,142,800, which is 82 per cent of anticipated revenue. A total of $5,600,118 remained to be received.
In regard to the capital budget, town officials anticipated spending a total of $7,093,024. As of Sept. 30, $1,858,390 had been spent.
“At this point I really have nothing to draw your attention to. Everything is tracking as it should,” Linderman said.
Given the figures presented, Coun. Dan Daley asked Linderman if she anticipated the town ending up with a surplus in its operating budget this year.
“That is really hard to predict at this point in time,” Linderman said. “Generally we do have a surplus, but at this point I would only be guessing if I were to say anything, and I like to err on the side of caution.”
Council voted to accept Linderman’s financial report as information.
