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City of Abbotsford achieves small surplus
The city finished last year with a small surplus of $15,000 in its $150-million general operating budget. It also had a total of $92 million in long-term debt, according to the 2011 annual report brought before council on Monday.
The report, which is required by the Community Charter, includes such items as audited financial statements (made public last month), tax exemptions provided by the city, a progress report on objectives and other data.
Pat Soanes, general manager of finance and corporate services, said the slight surplus means the city was under budget last year.
As for the debt, the city paid $4.4 million in repayment in 2011 to bring the total down to the $92-million mark.
Of that debt, $77.3 million is from Parks, Recreation and Culture, and is related to the Plan A projects which included the Abbotsford Entertainment and Sports Centre, The Reach art gallery and improvements to the Abbotsford Recreation Centre.
The remainder of the debt is from the water fund ($9.1 million) and sewer fund ($5.7 million).