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The City of Regina is on track to remain in the black.
According to the city’s mid-year financial report, Regina is projected to run a surplus of $3.3 million. The city is expecting a total of about $477 million in general fund operating revenue, with expenses forecast at around $473.7 million.
A report to the city’s executive committee says less revenue is forecast from property taxes and investment income this year. Because 2021 is a revaluation year, the city is expecting more appeals, leading to lower assessments and thus less revenue.
Property taxes are forecast to generate about $1.3 million less revenue than expected. Investment income is expected to be $2.2 million below budget because of low interest rates.
Expenses are projected to be under budget by $7.2 million. That’s due to a hiring freeze started in 2020 that lasted until the first quarter of this year. The report says the city also cut back on conferences, training and travel expenses.
The report notes the COVID-19 pandemic is still having a negative impact on city finances.
Last year, the federal government provided $16.3 million to the city to help blunt the financial impact of the pandemic. The city used $418,000 for COVID-related costs while the rest was transferred to the COVID-19 Recovery Reserve.
This year’s budget used $12 million from that reserve and, after some of that funding was used for other commitments, there’s a balance of about $1.8 million left in the fund.
On the utility side, a surplus of $3.5 million is forecast. That’s because dry weather led to greater water consumption and more fees paid to the city. Reduced expenses, “mainly due to vacancy management,” also contributed to the surplus.
