The City of Brantford will move a 2022 year-end operating budget surplus into various reserve funds.
A report from the city’s finance department said the surplus amounts to just over $6.6 million. There was higher than expected revenue from wastewater and water charges, with use continuing at COVID levels, said the report. There was also extra money from building permit fees.
At a meeting on Tuesday, June 27, city council approved the transfer of the money as follows:
- $667,000 to the corporate contingency reserve.
- $483,000 to the council priorities reserve.
- $2.7 million to the tax stabilization reserve, newly created to phase-in any permanent tax pressures when multi-year budgets are introduced.
- $2.7 million to the hospital redevelopment reserve fund, bringing the balance to $8.5 million.