We should maintain investment accounts to handle the funds that come in for annual tax payments and grants, but these funds will be paid out to meet budgeted projects and annual expenses. Emergency funds should also be available for events such as a one in 10 year heavy snow and a modest mill rate stabilization fund, but beyond that the city should stick to its budget. That means we have to see more prudent budgeting as well.
Surpluses do not belong to senior management or council and if a surplus occurs it should be returned to the taxpayers by way of a tax deduction the next year. There are ongoing expenses that need to be looked after such as the deplorable condition our roadways were in this spring, which took the city months to start repairing. If it were not for the great weather we had this summer we would be driving from pothole to pothole again this winter. But these are ongoing projects that can be prudently budgeted so we should not be relying on surpluses or creating surpluses for these projects.
We are a municipality not an investment house and our taxpayers should expect frugal management of our resources. We don’t need to hire an investment manager.
Bob Russell, St. Albert
