Surplus money in the City of Lloydminster has been reallocated.
The 2024 year ended with just over a $6.7 million operating surplus and a $3.9 million capital surplus.
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The surplus will be allocated to reserves and requires a council motion to do so.
Lloydminster Mayor Gerald Aalbers says its been an ongoing discussion as to where they should allocate the money and how to use it.
“That’s been an ongoing discussion, certainly there are times when administration would love to continue on with projects, but the path we’ve followed is, it goes back to reserves,” he said.
Reserves are a key part of how the city funds projects.
“Reserves are used to fund projects at the front end during the budgetary process,” said Aalbers.
He says the budget was done in 2024 but the money doesn’t get spent until this year. While they may budget a specific amount to a project, the money doesn’t always get spent.
“We took $500,000 out of a certain reserve, be it roads or something like that, to do a project, then we came in under budget. We put that money back so it’s kind of like a stabilization fund,” said Aalbers.
Operating surpluses could be due to higher revenues, lower expenses or a combination of the two. Capital surpluses happen when capital projects no longer require all or some of the funds originally approved.
Council voted in favour of moving the capital and operating surpluses to reserves.
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