Third Quarter Budget Update

At the next Committee of the Whole Council meeting on December 7, Treasurer Ian Davey will present a report on operating budget performance up to the end of the third quarter – September 30.  Since the budget is annual with no quarterly breakdown, Ian presents performance in terms of percent of the budget remaining.  If there were no seasonal factors, then the remaining budgets for both revenue and expenditures should be 25%.  There are of course seasonal factors so this measure is not much use.  Instead, Ian also provides last year’s report at the same point.  According to my analysis, there is a shortfall in revenue compared to 2019 of approx. $3.5M.  But expenditures have been reduced and Ian’s numbers… Read complete articleThird Quarter Budget Update