Council discussed the methods of tracking the budget through the year and requested that updates be made in the financial reporting methods to more accurately report earlier in the year whether a significant surplus or deficit is being predicted. Council is seeking more accurate projections to be supplied by staff throughout the year.
Staff confirmed that they are working towards this end. Additionally it was reported that a large construction project was tendered under-budget in September, and most other projects did not exceed budget, contributing to the surplus. Operating costs such as lower than anticipated winter maintenance costs also contributed to the surplus, but were difficult to determine earlier in the year.
Staff are investigating the types of financial reports capable within the new budget software. The goal is to have the software produce these reports more accurately and efficiently, than could previously be done. Staff identified for Council several areas targeted for improvement, including reporting features, encouraging timely submission of invoices during and following major projects, and possible changes to how budget funds are allocated through the year to more accurately provide projections
Council discussed the prospect of upcoming changes in pricing and budgets due to current uncertainty in economic conditions, and anticipated increases in operating costs, such as policing costs.