Councillors were updated with more business plans at the second budget committee meeting on Monday after the regular council meeting.
First councillors heard an update on the operating budget from Brian Acker, director of financial services. When the 2013 operating budget estimates were presented to council on Dec. 17, the city expected to have revenues of $36.17 million, expenses of $36.91 million and a shortfall of $738,986. To satisfy the shortfall it stated the city would need a 3.69 mill rate increase.
Acker said since then there have been several developments.
He said one development is the tender for leasing city farm land, allowing the city to receive “significantly more revenue” than originally expected in the estimates. In Acker’s report, annual farmland lease revenue for each of the next five years will be $182,843. Original estimates were at $86,800.
On Jan. 14, council approved recreation facilities and sport grounds fees that will generate another $22,737 for the operating budget. Overall he said there is a revenue increase of $118,780, reducing the shortfall and it would require a mill rate increase of 3.1 per cent.
For more information, see an upcoming edition of the Times-Herald.