Kelowna winds up with $1.9 million left over from ‘07

Kelowna Daily Courier May 3
Higher-than-expected revenues from building inspections helped the City of Kelowna end 2007 with a $1.9-million surplus. Council will receive a report Monday recommending that most of the surplus be directed toward future capital projects, including $1 million for roadwork. Just under a third of the surplus would go toward the snow-removal budget, parkland purchasing and civic facilities. The city normally ends each year with a surplus, which recently has been averaging about $3 million. “We need to budget conservatively, because we can‘t afford to get into a deficit,” finance director Paul Macklem said Friday. Along with higher fees generated by the inspection services department, the city received more money than expected from Victoria through a program designed to share revenues from local gaming operations. As well, some programs that were scheduled and budgeted for last year did not proceed for a variety of reasons. Staff vacancies also generated some of the surplus.
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Don Quixote Note: By contrast Vernon's final surplus from the 2007 draft financial Statements was $84,096. Most of the actual surplus was used on Middleton Way in the amount of $1,420,691 as this underestimated project was completed when no grants were obtained. In addition $787,483 of the intended transfer to Policing Reserves was not done.