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Woodstock Report Major Surplus

Friday, 7 April 2017 at 05:47

The City of Woodstock has $1.7 million left over from the 2016 budget

WOODSTOCK - The city of Woodstock had quite a bit of money left over in the 2016 budget.

Last year's budget has approximately $1.7 million left over.

Director of Administrative Services Patrice Hilderley says a large portion of the surplus can be attributed to MPAC assessment growth.

"Our additional taxes were $863,000 over the amount that we budgeted. It's very difficult to determine what the correct number for that should be from year to year."

Hilderley adds 60 percent of the surplus - including the MPAC assessment - can be attributed to the Treasury Department.

Mayor Trevor Birtch tells Heart FM what the city plans to do with the extra money.

"Council has been made aware over the past several years about funding shortfalls for our long term Capital Plan and tonight council approved that most of these funds will go into Reserve for Capital Projects."

Money in the Reserve for Capital Projects helps maintain the city's roads and infrastructure.

Hilderley says this is the largest budget surplus the city has had in a while and she doesn't expect another surplus like this in the future.

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