Good news with the finances at the City of North Bay.
A $1.3 million surplus is being reported for 2020, pending any final year-end entries or external audit adjustments.
Initial estimates mid-way through the year projected a $1.7 million deficit.
Deputy Mayor Tanya Vrebosch says a combination of factors turned things around, including the hard work of staff.
“Prudent fiscal planning has been what has gotten us out of 2020 in a good financial position along with the Safe Restart Money from the province,” she says.
But, as the COVID-19 pandemic continues, so do the challenges for the city.
Vrebosch says last year’s surplus will help.
“That money is going to help us to support the 2021 budget where we were going to use $1.4 million to help offset revenues that we knew we weren’t going to realize, and also to reduce the levy, to support people during COVID,” she says.
A staff report details the 2020 surplus or deficit for each business unit:
- Community Services is ending the year with a surplus of $636,112.
- Corporate Services is ending the year with a surplus of $489,303.
- General Government Activities is ending the year-end with a deficit of ($575,664).
- Infrastructure and Operations is ending the year-end with a surplus of $498,829.
- Service Partners ended the year with a surplus of $300,049.
Safe Restart funding also assisted some Agencies, Boards and Commissions including the North Bay Police Service, North Bay Public Library, North Bay Jack Garland Airport and North Bay YMCA.
