The release of the Third Quarter Financial & Corporate Business Plan Update shows the City of Penticton remains on solid financial footing.
Council will receive the report update at their meeting on October 17, 2023 and it will then be posted on the City website.
The City’s financial position remains stable through the third quarter with revenues remaining steady at $143M overall and operating expenses are anticipated to be 1.4 per cent lower than budget.
The financial report shows a slight decrease in overall forecasted revenues of $76,000 for the year. General operating expenses are forecast at $1.8 million lower than the amended budget. The City’s total amended 2023 annual operating budget is $130.2 million.
Of the 35 strategic priorities and initiatives outlined in the City’s business plan, 28 initiatives are on track to successfully complete within project schedules, five (5) initiatives have been completed and two (2) initiatives are considered delayed.
Some of the completed initiatives for the third quarter include successful conclusion of training by four additional members of the Penticton Fire Department, hiring of a serious crimes administrator for RCMP and increasing Bylaw Officer Authority.
Highlights:
The following are some of the key factors that influenced the City’s budget and forecast:
- The forecast reflects anticipated savings for vacancies in various departments and the RCMP.
- The City was successful in receiving additional grants totalling $214k.
- Fiscal Services is $400k higher for increased interest revenue on cash and investments than budgeted.
- Building Permit revenue decreased by $400k to reflect lower anticipated revenue due to apprehension in the market with the high costs of construction and increased borrowing rates.
- Water revenue was reduced by $200k due to lower usage than anticipated.