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City says revenues tracking, bond proceeds to fund water plant payments
Summary
Finance staff told the council midyear revenues are tracking as expected, building-permit revenues are ahead of forecast, and bond proceeds received in May are reflected in higher cash investments to pay for the water-treatment plant now under construction.
At the council’s midyear financial update, staff (introduced in the meeting as "Mister Grin") said revenues are tracking where they would normally be at this point in the year and that building-permit revenue is ahead of earlier expectations tied to the winding down of the Woodland Cove development.
The finance presenter also said the city received bond proceeds in May, which contributed to larger cash-investment balances as of the end of June and will be used to make payments on the water-treatment plant currently under construction and for summer road projects. "So that's where you see a little bit larger amount as of the end of June with, obviously, to make the payments on the water treatment plant that is currently under construction," the presenter said. Councilors were directed to raise questions with staff as the 2027 budget process begins in August.
