BANFF – The Town of Banff is facing a small forecasted deficit of $6,064 this year.
The municipality’s third-quarter financial statements will be presented to council on Monday (Nov. 9).
The Town has spent more than $567,000 on COVID-19 related expenses, which have been covered off in the revised operating budget to deal with COVID, a provincial-federal grant, and the budget stabilization reserve – the municipality’s rainy day account.
“There were a few large variances identified in the third quarter, although a number of them have offsetting revenues and expenses,” said Andrea Stuart, the Town’s finance manager in a report to council.
In terms of wages and benefits, $1 million in savings identified in the municipality’s $17.2 million revised operating budget to deal with COVID were found throughout many departments.
“Additional wage savings of $274,000 were identified, to bring total wage-benefit savings identified from the original 2020 budget to $1.3million,” Stuart said.
“Of total targeted training, conference, travel savings identified in the COVID budget of $270,000, $244,000 has been identified throughout specific departments.”
In addition, a forecasted decrease in business licence revenue of $3.78 million is fully offset by a decrease in contracted services of $3.78 million to Banff and Lake Louise Tourism.
A projected decrease in consumption charges of $1.43 million, is fully covered by a decrease in transfers to the water, sewer and resource recovery capital reserves.
The Town saw an increase in government operating grants, with $6 million of that to cover lost revenue and additional expenses related to COVID-19; and the remaining $200,000 to Settlement Support Services and other community service grants.
An increase in capital government grants of $3.2 million will be transferred to capital reserves.