Here's what Saskatoon's financial chief wants to do with the $10M surplus

As Saskatoon residents face higher property taxes and increased fees, the city is reporting a $9.9 million surplus for 2023.

The surplus is attributed to savings on snow clearing and higher transit revenue, with more people taking the bus.

The surplus comes as Saskatoon residents are feeling new financial pressures including: property taxes spiking 6.04 per cent this year — the highest increase in a decade, a new monthly garbage utility fee, and higher parking rates.

Saskatoon's Chief Financial Officer Clae Hack is recommending the extra money go into reserves — to help the city with any unexpected financial challenges in the future.

"Council always has the option to direct us to investigate different approaches on how they see the surplus being used," Hack told reporters after announcing the surplus.

"This is administration's recommendation based on policy we have in front of us and what's been successful for us for previous generations."

Administration is recommending $5.7 million be added into the reserve for snow and ice management and the remaining $4.2 million surplus go towards the Fiscal Stabilization Reserve.

The surplus is up for discussion at a committee meeting next week.