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Municipality announces projected surplus in budget for end of 2017

(Fort McMurray, AB – November 14, 2017) – Administration presented the Quarterly Financial Report as information to Council last night, and announced a projected surplus of $31.3M for the end of 2017.

As of Sept. 30, 2017, the Municipality is showing a year-to-date surplus of $58M and an annual projected surplus of $31.3M.  The annual surplus consists of an operating revenue increase of $6M, and an operating expense decrease of $25.3M. $7.2M of any 2017 surplus will be required to offset the 2016 deficit.

“In 2017, we began using a zero-based budgeting system,” said CAO, Annette Antoniak. “This method provides a lot more visibility so we can monitor any areas that will result in cost savings. The entire organization has been working together to achieve these efficiencies and find opportunities for savings. We continue to use this process as we develop the 2018 Budget for Council’s consideration.”

The updated full year revenue projection reflects an increase of $6.0M, while the full-year expense projection reflects a decrease of $25.3M.  Overall a $31.3M surplus is projected for the 2017 year end.  Work will continue throughout the remainder of 2017 as Administration continues to seek further efficiencies and savings.

The Quarterly Financial Report provides a comprehensive quarterly financial update that includes municipal operating revenues and expenses with comparatives to budget and projections; capital project spending; information regarding investment and debt; as well as information regarding grants that the Municipality has applied for or received during the quarter.

Find out more about the Quarterly Financial Report and view meeting details at rmwb.ca/council.

Residents are reminded that the annual budget process is underway. Council is expected to begin deliberations in Jan. 2018. Announcements will be made when meeting dates have been established, so residents can attend the meetings, take part in the delegation process, or review budget documents. Visit rmwb.ca/budget for more information. Updates will be posted when available.


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