With budget deliberations for 2025 just a few weeks away, the City of 琉璃神社's "third-quarter financial performance reflects a positive outlook for the organization," according to financial services staff.

At its Monday (Nov. 18) meeting, council was informed that the city has achieved 96 per cent of its revenue target, totalling $429 million. Revenue comes from several sources, including property and parcel taxes, fees and charges, grants, and other streams. The city's investment portfolio also performed favourably, resulting in higher-than-anticipated interest revenue.

"In quarter three, we also had a gain from the sale of Fortis shares, which was not budgeted," added Matt Friesen, controller of financial services.

Investment income totalled $29 million by the end of the third quarter, trending above budget.

On the spending side, the city was at 71 per cent of its budget ($261M), with salaries and wages leading all expenditure categories at $102 million.

"While total spending is below 75 per cent in the third quarter, based on anticipated timing, these are trending in line with the budget for the year," Friesen said.

Capital project (infrastructure, etc.) spending was at 61 per cent of the budget for the third quarter, totalling $151 million.

Council also approved a request to adjust the 2024 budget and the 2025 financial plan by $4 million. The funding is being drawn from the $31.5 million grant the city received in 2023 through the federal government's Housing Accelerator Fund and will have no impact on taxation. The money will support third-quarter initiatives, with $418,000 required in 2024 and the remainder ($3.58 million) in 2025.

Council is expected to begin budget deliberations for 2025, including discussions on the city's property tax rate, in early December.