Quispamsis Projects $1M Surplus This Year

Town staff in Quispamsis are projecting a surplus of just over $1 million for 2021.

That is nearly four per cent of the town’s $28.2-million general operating budget for the year.

Documents presented to council last week show revenue is expected to be $911,000 over budget.

Much of the extra revenue is thanks to Safe Restart Agreement funding from Ottawa ($525,447) and the elimination of the provincial property assessment gap ($240,769).

“Budgeted revenue is projected to be over by $144,784 and this is mainly due to increased building permit revenue and slightly higher Community Services revenue,” said a staff report.

Budgeted revenue is projected to be $144,784 higher than budgeted mainly due to increased building permit revenue and slightly higher Community Services revenue.

Expenses are also around $137,000 under budget, in part due to travel and training savings because of the pandemic.

The town has also seen savings in salaries and benefits due to a variety of staff vacancies and leaves.

“With the mild winter at the beginning of 2021, we also saw significant savings in salt, sand, and snow clearing accounts,” said the report.

Most of the surplus will be transferred into reserves or be set aside for 2021 capital projects that will be completed in 2022.

The remaining $100,000 or so will remain in the operating fund to be included as a source of income in the 2023 operating budget.

Meanwhile, the utility operating fund is expected to have a surplus at year-end of just over $45,000.

“The main contributors to the increased revenue are $465,000 from Safe Restart funds, increased residential water and sewer user fees of $28,000, sewer permits of $17,500 and interest on investments and overdue user fees adds another $17,000,” said a separate staff report to council.

Budgeted expenses are under by $29,000, according to the report, with the biggest savings coming from unspent operating costs for the new building that is not yet complete.