City of Humboldt ends 2018 with surplus

HUMBOLDT — An audit of the city’s 2018 finances shows that it ended the year with a surplus.

As of Dec. 31, 2018, the city had almost $15.8 million in revenues and around $13.9 million in expense. With the addition of around $534,000 in federal and provincial grants, the city ended the year with a $2.5 million surplus.

article continues below

That does not mean the city has an extra $2.5 million to spend. Some of that is non-cash items like amortization, while some of the money would still be pegged to projects that were supposed to start in 2018 but were delayed.

Joe Day, Humboldt’s city manager, said the city’s best estimate is that it has an extra $480,000 it can spend.

“We’re not asking council what we want to do with it at this point of time because right now it sits on the financial statements as an unallocated surplus,” he told council at their meeting on Aug. 26.

Day said city staff would like to report on what kinds of reserves it has and what their status is before council commits the money somewhere. In Melfort, half of their extra dollars goes into a special capital fund, while the rest goes into a facilities maintenance fund.

Rob Muench, Humboldt’s mayor, was pleased with the news.

“It’s nice to see at the end of the year that we spent less than we thought we were going to and we have money left over,” he said.

The audit was conducted by MNP.

© Copyright Humboldt Journal

Comments

NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Humboldt Journal welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus

Community Event Calendar


Find out what's happening in your community and submit your own local events.