The Town of Rocky Mountain House brought in more cash than it spent in the first six months of 2024.
That’s according to the financial update presented by Town Finance Manager Michael Van De Velde during the Aug. 6 regular town council meeting, which saw a net budget operating surplus of $112,826 as of June 30, 2024.
That’s slightly less than the figure of $128,217 at the end of June 2023.
The report shows that both revenues and expenditures are at 48 per cent of the 2024 budget.
On the revenue side, the report shows a cash influx from increases to interest rates over the last year. Notably, the report shows increased recreation sales and fees came in 65 per cent over budget due to increases in fitness passes and memberships. Revenue from permits and licenses also came in 75 per cent over budget. Other factors included grants from all three levels of government, $68,000 related to asset sales, and $58,000 in asset clean-up/write offs for assets that are no longer with the Town.
For expenditures, several files came in under budget at the halfway point of the year. Among those were operations and infrastructure at 49 per cent of the budget, which was slightly underbudget due to more expenditure occurring in the summer and fall months. Utilities were at 47 per cent of the budget, with power & repairs and maintenance coming in under budget. Culture, meanwhile is at 47 per cent of the budget. Parks division expenses are 37 per cent of budget, however, the report says parks activities are seasonal to the summer months, therefore the low budget number is expected.
For capital projects, the report shows the $30 million Wastewater Treatment Plant (WWTP) continues to be a large source of expenditures, with nearly $2.9 million directed toward the project in 2024. It is expected to be completed in late 2024 or early 2025.
Two other large capital projects in Q2 include around $94,000 for the construction of a columbarium, as well as the completion of bathrooms at the Rocky Spray Park.
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READ MORE: New bathroom facilities open at Rocky Spray Park
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Quarterly statements are presented for before town council for March, June and September following the close of each quarter. A yearly analysis will be presented upon completion of the audited financial statements.
Total expenditures for 2024 are budgeted at just over $19.1 million.
You can read the entire report here.
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