Woodstock City Council has approved the surplus from last year's budget. The amount is estimated at over one million dollars.
WOODSTOCK - Woodstock City council recently approved the surplus from the 2018 budget.
The amount is estimated at $1,655,000.
Mayor Trevor Birtch says some of the money has already been allocated, while the remaining balance has been put into a reserve fund.
"During our budget process for 2019, staff provided numerous updates and forecasts on where we'd be at our 2018 finances. Our surplus came in at $1.6 million, that's roughly about 2% of the budget so very good job from staff on being efficient and taking care of the taxpayer's dollars. Council has earmarked $200,000 already during the budget process to Asphalt Resurfacing Reserve and the remaining $1,455,000 will go into the reserve for capital projects."
Mayor Birtch says the remaining funds will go towards any upcoming or unanticipated projects. He says the leftover money will be put to good use.
"When we can have our finances done in such a way that we end up on the good side and have a surplus, that is taxpayer's money that we are still entrusted with and going to take care and make sure we leverage it in the future for the best possible good for the community."
The Woodstock Fire Department and engineering were among the departments who contributed to the surplus, putting in $231,000 and $55,000 respectively, due to increased grants and program revenue. $939,000 or 56% of the surplus comes from the Treasury budget, which is mainly from additional land taxes and interest income that was higher than expected.