The City of Colwood is projected to have an operating surplus of more than $200,000 at the end of this fiscal year, according to the cityB次元官网网址檚 Q2 financial update.

The update, presented to council at its regular meeting Sept. 25, gives a summary of the cityB次元官网网址檚 finances as of June 30, with projections to Dec. 31.

ItB次元官网网址檚 in those projections that staff identified an expected general operating surplus of $278,310, which is predicted to be offset by a sewer utilities deficit of $17,277, leading to an estimated overall surplus of $261,033 B次元官网网址� although that number is subject to change before the year is out and will be refined in the third quarter reporting.

B次元官网网址淚n general, we are in really good shape,B次元官网网址� said Mayor Doug Kobayashi. B次元官网网址淭here are no surprises, there are no financial plan amendments required to support operations, and thatB次元官网网址檚 a key thing.B次元官网网址�

Kobayashi said that with each financial update staff provides, his focus is on whether there are any items or figures that come as a surprise. Having everything come in as expected during the annual budgeting process means the city is in good shape in the mayorB次元官网网址檚 view.

According to city policy, any time the city has a surplus of more than $50,000, that same amount is automatically transferred to the cityB次元官网网址檚 Public Art Reserve Fund. According to the staff report, that transfer is expected to occur this year.

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