Moncton Council got a snapshot of the city’s financial situation in August which showed a deficit of just over $2 million.
Expenses are $3.4 million worse than budgeted noted Jacques Doucet, general manager of finance services.
“$2 million of that is due to the snow clearing events that occurred during the year and the remainder can be spread out across the organization.”
Doucet said inflation is playing a role in budgeting and if trends continue, the city is projected to have a deficit of about $3 million by the end of this year.
On the brighter side, Doucet said revenues are $1 million higher than budgeted.
“Most of that comes from building and planning fees due to the record growth that we’re seeing in the city – so that’s really positive.”
As for water and sewer utilities, he said both are doing better than budgeted for revenues and expenses.
Doucet credits lower water usage during a rather wet summer and infrastructural renewals in the city over the last few years which is leading to fewer issues.
