City of Saskatoon projects $6.8 million deficit for 2022
The City of Saskatoon is projecting a $6.8 million deficit for the 2022 fiscal year.
Director of finance Kari Smith says the bulk of the deficit comes from fuel expenditures stemming from increased gas prices and the snow and ice program, both coming in at least $3 million over budget.
“We spend quite a bit of time making sure that we have the best estimate at the time for our budgets, and really try to hone those numbers down for council approval each year,” said Smith.
Higher than average snowfall led to the snow and ice program deficit, according to the city. The budget still has to cover costs for any snow that falls later in the year.
“We're assuming that we'll still get a snowfall or two in November and December, so it does include our projection to the end of the year,” said Smith.
“As we know that can change things. So, we might get a little snow or we might get a ton of snow like we did in 2020, and let's cross our fingers that's no on that one. So, it is really weather dependent as to where we'll end up. That $3 million over-budget is our best estimate right now of where we'll end up.”
Other challenges the city faced financially include lower revenues from leisure centres and parking ticket violations, while more revenue came in than expected from Saskatoon transit.
Smith says residents in the city shouldn’t expect higher taxes or fees to make up for the deficit.
“We handle [deficits] through the reserves that we build, we handle through those things,” she said.
“We set rates in accordance with our budget, so rates would be set when we do that [2023] and [2024] budget. So, it's future ones and the property taxes accordingly.”
Smith says the city has also worked on cost-cutting measures.
“In the report, it talks about $2.5 million that the administration thinks we can save by the end of the year in things like reduced travel, reduced training and some staff vacancies,” she said.
“Not filling positions right away with affect services, of course, but making sure that we can kind of save wherever we can to try to really make sure we're bringing down that deficit.”
A third quarter project will be put towards the city council in October or November with a clearer picture of what the year-end finances will look like.
CTVNews.ca Top Stories
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
Teacher shortages see some Ontario high school students awarded perfect grades on midterm exams
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Doctors combine a pig kidney transplant and a heart device in a bid to extend woman's life
Doctors have transplanted a pig kidney into a New Jersey woman who was near death, part of a dramatic pair of surgeries that also stabilized her failing heart.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
An Ontario senior thought he called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.