Here is a breakdown of the different accounts and how much each received, according to the city’s webpage.
Contingency Account -$163,164.00
Emergency Account – $163,164.00
Human Resources Account – $21,587.00
Green Initiatives Fund – $170,195.44
RCMP – $18,285.50
Energy Literacy – $25,000.00
Facility Upgrading – $65,818.00
Water Reserve – $2,292,876.50
Sewer Reserve – $1,252,376.04
Total – $4,172,736.48
“The main items that contributed to the 2014 surplus were interest revenue, permit fees and grant-in-lieu of industrial taxation all being over the budgeted amounts,” writes Director of Finance Mike Roy.
This decision was made through the city’s Budget Stabilization Policy.
“The Stabilization Policy is intended to provide guidelines during the preparation of and deliberations on the annual budget…to ensure that sufficient funds are maintained: 1) for unanticipated expenditures or revenue shortfalls; 2) to ensure adequate funding for future capital projects and 3) to stabilize the tax rates from significant changes in expenditures,” Roy writes.
The Government Finance Officers Association says all municipalities should establish a stabilization accounts that provides available resources for circumstances such as heavy snowfalls, economic downturns and public infrastructure contributions.
“Use of these funds would require a majority vote of all members of council,” Roy goes on to explain. “In the event that these funds are used, they would be replenished on an annual basis from either unallocated surpluses or through the budget process.”
Interest that accumulates on these funds is then transferred into operating revenues.