Toronto expecting a $65 million budget surplus by 2016
Posted August 25, 2015 2:17 pm.
This article is more than 5 years old.
While the global economy teeters on the edge of recession, the city of Toronto could be a little flush by the end of the year, according to a report headed to the budget committee next week.
The report from the city’s Deputy City Manager and Chief Financial Officer shows a projected surplus of $65 million by the end of 2015.
The overage is largely thanks largely to revenue from the land transfer tax ($45.970 million), investment interest ($15.608 million) and parking tag enforcement ($5.451 million) during first six months of the year.
As of June 30, 2015 the city’s surplus was $97.3 million – five per cent more than expected.
According to the report, that overage is expected to taper off by the end of the year to $64.9 million with the assumption that revenue from parking tickets will curb in the last six months, and with money budgeted for higher contract renewals for winter street maintenance and contract costs for implementation of new traffic signalling technology and traffic signal maintenance.
The report will go to the budget committee on Monday.
Read the complete staff report below. Click here to view it on mobile.
Operating Variance Report for the Six-Month Period Ended June 30, 2015
Click here to read the full agenda for the budget council meeting
