Staff project $6.1 million surplus for HRM

City finance staff say HRM is on track to see a $6.1 million surplus at the end of the fiscal year.

Staff presented the second quarter financial report to Regional Council on Tuesday.

The municipal budget is about $800 million.

“It’s still early in the fiscal year, but the departments have been working hard to tighten up operations and if everything continues as we’ve projected, HRM will see a small surplus at the end of March 2014,” said Greg Keefe, Chief Financial Officer. “This is good news for HRM residents who expect their tax dollars to be spent wisely, responsibly and in the best interest of residents and their families.”

Most of the projected surplus come from vacant employment positions.

HRM anticipates a savings of $1 million in debt and administrative costs. The report also notes prior year surpluses of $2.6 million from Metro Transit and $4.6 million from HRM.

Revenue is expected to $1.6 million. Other added costs include $2.7 million related to a storm water decision by the Nova Scotia Utility and Review Board and $1 million to clean up contaminated sites in HRM. The report also notes that Metro Transit is projecting a $2-million transfer to reserve funds and will carry forward a previous $1.5-million surplus to 2014/15.

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