Town running $256,000 surplus

As of the third quarter Cochrane has a projected budget surplus of $256,000 after paying for cost overruns.

Most of this money came from building permit revenues from developers, which amounted to $500,000, and has been used to deal with cost overruns in areas like the town’s engineering, planning and legal departments ($15,000; $75,000 and $70,000 respectively) plus $170,000 in increased costs for third party inspectors.

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On track for surplus

The town believes it is on track to record a $240,000 surplus from its 2013 budget.

In second quarter financial report to town council, Paige Milner, senior manager of corporate services, told town council both general and building permit revenue are up and, after being offset in part by higher engineering, planning and legal costs, the town is projecting a $240,000 surplus at year’s end.

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City nets $5.2 M surplus

There’s good news from City Hall: a budget surplus.

While many levels of government are having trouble balancing their accounts, city treasurer Corey Wight is reporting a $5.2 million unaudited surplus for 2012.

Delays in some purchases or projects are the reason for part of that surplus, he told city council Monday. But extra cash in some other accounts will go to the city’s Municipal Revenue Stabilization Fund, a kind of rainy-day fund that can cover unexpected costs.

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