OLDS — One quarter of the way through the year, the Town of Olds had spent less than 25 per cent of its operating and capital budgets.
Finance director Sheena Linderman updated council last month.
Linderman said during the first quarter of the year (Jan. 1 to March 31), the Town of Olds spent 17 per cent of its operating budget and 19 per cent of its capital budget.
The town had spent 21 per cent of its remuneration (payments) budget for council and chief administrative officer Michael Merritt, she said.
“At this point of the year, I have nothing specific to report on. Everything is as it should be, or better,” she said.
Mayor Michael Muzychka said: "I think it’s great news that we are well within our budget and doing well for the first quarter and look forward to that continuing effort."
However, he noted that summer is the time when the Town tends to spend most of its capital budget because that’s the time when most construction projects are undertaken.
“So I don’t think we’ll stay at 17 or 19 per cent on either of those budget lines. But that is typical of Canada and our construction season,” he said.
Council voted to accept Linderman’s financial report.
Linderman said this report, like all such reports, will be posted on the town’s website each quarter after having been presented to council.
