Though the CFO did wrap up her presentation on a promising note, that despite all of the challenges of the last six months the City remains on track towards the balanced state of its budget forecast of the Spring.
Most of the COVID related themes were explored during her review of the August Financial Variance Report where the CFO noted that thanks to the efforts of city staff in a number of departments in addressing the financial shortfalls, the city remains on track towards maintaining a balanced budget.
"Since April we have been communicating that we wanted to see how affected city departments such as Recreation, Airport Ferry, the Marina and Transit were performing after reducing expenses where possible to offset revenue losses in these departments. We have forecast to the end of the year now and expect that the efforts made have been able to make up for the revenues lost and we will still end the year close to a balanced budget. For these reasons we are not recommending any amendment to any of these departments in our upcoming Five Year Financial Plan Amendment Bylaw" -- City of Prince Rupert CFO Corinne Bomben
In Documentation posted to the Agenda for Monday's meeting some financial challenges can be explored further, where the reduced level of flight operations at the Prince Rupert Airport, reduced use at the civic centre which has been closed through the pandemic and low usage for the Cow Bay Marina contributed to the lower than previously anticipated revenue streams.
The anticipated revenues for the Airport had been estimated as $1,287,000, while the reality of the revenues as of August is $367,322.
The Cow Bay Marina had anticipated revenues of $219,000 for 2020, as of August it had collected $94,414
The anticipated revenues for the Civic Centre, Pool and Arena are listed as $878,000, as of August the three facilities had delivered revenue of $281,830 to the city.
Transit revenues are down significantly as well, the financial forecast had anticipated revenues of $344,000, revenues as of the end of August were listed at $122,805
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| How much was earned (click to enlarge) |
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| How much was spent (click to enlarge) |
The CFO also made note of the challenges that August weather has delivered for the city's public works department, noting that the excessive rainfall interrupted and delayed a number of capital projects, observing that City staff are currently assessing which projects may be rolled over into 2021, while the remaining projects remain on budget.
Later in the evening Ms. Bomben delivered the Five year Financial Plan Amendment she referenced in the variance report for August.
Those Amendments included plans to move forward with the Moresby Fuel Tank Removal work, the announcement of the new location for a detachment for the Prince Rupert RCMP as well as towards the transfer of funds to respective reserve funds for Phase Three of the City's water plans.
Of those three items, we explored the new RCMP station location here, more background on both the Five Year Financial Plan and the August Financial Report can be found from our Council Timeline Feature.
The efforts of city staffers received many accolades on the night from the Mayor, City Manager and individual council members, many who spoke during Monday's council session to pay tribute to the work of city staff and that of Ms. Bomben in particular.
You can review her twin presentations from the City's Video Archive, the August report begins at the Two minute mark, while the Five Year Financial Plan Amendment can be reviewed at the thirty minute mark.
Past notes on Budget related themes can be reviewed here.
A wider overview of City Council Discussion topics can be found from our archive page.
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