_ (press release) _ ** Ottawa ‑ ** The City of Ottawa is projecting a year-end budget surplus of $6.6 million in the tax- and rate-supported areas, a significant improvement from 2015 which ended with an overall budget deficit of $41.8 million in the tax and rate areas.
According to the 2016 Operating and Capital Budget Q2 Status Report to be considered by the Finance and Economic Development Committee (FEDCO) today, contributing to the projected year-end surplus was a $3.1-million surplus in the tax-supported area and a $1.65-million surplus in rate-supported services (water and sewer) as of June 30, 2016.
“I am very pleased to see that efficiency measures implemented in the 2016 Budget are proving to be effective and that this mid-year surplus will improve further by the end of the year,” said Mayor Jim Watson. “We are always looking for smarter, more prudent and more responsible ways to provide services to residents and respect their tax dollars.”
The significantly improved financial picture is a result of a range of measures and efficiency strategies including reductions in departmental discretionary expenditures, a staffing freeze, FTE reductions and revenue improvements.
After FEDCO receives and considers the report today, it will be considered by City Council on September 14.