Charlottetown cuts spending to bring in substantial surplus
The City of Charlottetown released its budget Wednesday, and unveiled a $1.8 million surplus for the year that just ended.
Revenues came in $2M lower than expected
The City of Charlottetown released its budget Wednesday, and unveiled a $1.8 million surplus for the year that just ended.
Last spring the city was projecting a thin $5,000 surplus, with revenue and expenditures expected last spring to be roughly equal at $66.7 million.
But revenues for 2018-19 came in more than $2 million lower than forecast. Council managed to record a surplus by cutting expenditures even further.
- Current revenue projection: $64.7 million.
- Current expenses projection: $62.9 million.
The city is not raising tax rates for 2019-20, and is projecting a surplus of $11,000.