Article Number : 499 |
|
Article Detail |
|
 | |
| Date | 9/1/2013 3:21:53 PM |
| Written By | sam |
| View this article at: | http://www.punjabimedia.ca/News/NPViewArticle.asp?ArticleID=499 |
| Abstract | August 30, 2013 It has been incorrectly reported in the media today that the City's 2013 surplus projection is $158.611 million... |
| Article | August 30, 2013 It has been incorrectly reported in the media today that the City's 2013 surplus projection is $158.611 million. In fact, this figure represents the variance on Gross Expenditures and does not factor in variances in Revenue and the final net surplus. The City of Toronto today reported a net variance or surplus of $99 million for the six-month period ended June 30, 2013. Projections indicate that the year-end net surplus is anticipated to be $58.544 million. Higher than planned revenues for Toronto Building, mainly from a sustained high volume of permit application intake and lower than planned Ontario Works caseload costs, plus under-spending in salaries and benefits due to unfilled staff vacancies, has resulted in City operations being under-spent by $28.553 million or 3.2 per cent at June 30, 2013. Higher than planned revenue from the Municipal Land Transfer Tax and Third Party Sign Tax also contributed to the net variance. Rate Supported Programs were under-spent by $2.488 million net compared to planned expenditures for the six-month period ending June 30, 2013. The projected year-end under-spending for Rate Supported Programs is $10.315 million net, which includes Toronto Water, Solid Waste Management Services and Toronto Parking Authority. |
