What would you do with an extra 437 thousand dollars ?
That figure is the surplus for the City of Quesnel after all the bills were paid in 2017.
City Council, as per policy, would normally put all of that money into the Capital Reinvestment Reserve.
But this time around they chose to stray from that and voted unanimously to go along with the recommendation of Director of Finance Kari Bolton…
“Staff is recommending that consideration be given to allocate some of the 2017 surplus funds to the equipment reserve fund again, as this fund will not be sufficient to buy the equipment required in the next few years.”
As a result, 200 thousand dollars will go into that equipment reserve with the remaining 237 thousand and change going into the Capital Reinvestment Reserve.
Bolton also informed Council that the surplus could have been bigger…
“This surplus is after $93,593 of leftover snow budget from 2017 had been allocated to the snow reserve. At this point in 2018 the city has already used a hundred percent of the 2018 snow budget so funds from the snow reserve will be required in 2018.”
Bolton says there is now more than 269 thousand dollars in that reserve.