A preliminary review of St. Albert's 2019 financial statements shows the city reflecting a $1.7-million surplus in operations, which council approved transferring to stabilization reserves.
St. Albert's 2019 fourth-quarter report shows the surplus results from staff vacancies, offset by continued overtime for fire and snow removal expenses.
On the capital side, 125 municipal capital projects that were still in progress at the end of 2019 have been carried over to 2020 with a combined budget of $134.9 million, while 46 capital projects were completed in 2019. In total, those projects had a surplus of $1.4 million.
Mayor Cathy Heron congratulated city staff for keeping budgets on track.
“Municipalities are always getting accused of running over budget on capital, and not so in St. Albert,” she said.
The fourth quarter report shows St. Albert currently has $134 million sitting in reserves, with an uncommitted balance of $75.3 million. Outstanding debt sits at $40.1 million.