The Town of Canmore is heading toward a $1 million surplus in its operating budget for this year.
Senior finance officer Ric Irwin told council about the expected surplus during a financial update earlier this month.
The year to date variances put the municipality on track to have the surplus funds once the audited financial statements are completed in 2016.
Irwin detailed a variety of variances – both above and below expectations – but it was $260,000 in salary, wages and benefits that was the big ticket item. There is direction from council to administration to find $150,000 in savings in payroll this fiscal year.
“Once you factor in all the pluses and minuses, administration projects a year end operating surplus of approximately $1 million and much of that is made up of non-tax sources such as fines and revenues,” he said.
The recreation budget, and Elevation Place in particular, is exceeding expectations by over $80,000 after the third quarter. Planning and development permit revenue is lower than expected by $140,000.
Fines from photo radar and traffic enforcement are also doing well, with a trend of $155,000 over budget while the contract cost for the RCMP saw a savings of $160,000 after the 2014-15 reconciliation adjustments. The municipality also received $80,000 from Workers Compensation for improving health and safety and a $111,000 settlement from Alberta Health Services related to EMS contract costs.
Once audited financials are complete, council will decide how to use the surplus. In the past, such things as putting the money towards affordable housing reserves have been done.
