Executive Summary:

The Corporation ended the 2019 fiscal year with an operating surplus of $1,954,482. It is recommended that the majority of this surplus be transferred to the Budget Stabilization Reserve (BSR) to replenish this reserve in order to be able to fund future one-time costs and avoid potential future property tax rate spikes. In addition, given the positive year-end results, the corporate contingency of $3,500,000 was not required and was transferred to the BSR at year-end. It should be noted that these financial results are still subject to finalization of the annual external audit which is currently underway by the City’s external auditors KPMG.

Table A (on the following page) provides a summary of the budgets and year-end variances for City Departments, Corporate Accounts, and Agencies, Boards and Commissions for 2019. The year-end variances have been sorted form largest deficit to largest surplus (in dollars).

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