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Committee reviews recreation and golf variances; staff flags $3.3M property tax timing variance
Summary
Recreation showed an $8.8k unfavorable variance while the golf course and sports park were favorable by $146k; staff attributed the differences to timing as winter revenue is budgeted later. Chair also highlighted a $3.3 million variance in property tax payable and staff said interpretation depends on total property tax and allocations to operations versus capital/reserves.
The Chair noted a negative $8.8k variance in recreation and a $146k favorable variance at the golf course and sports park. Finance staff said timing explains much of the difference because golf and winter-sports revenue are budgeted toward the end of the year and will materialize later when operations resume.
"The budget this year was spread evenly across all 12 months of the year...there is still a little bit of timing in the financials," a presenter said to explain the variances (SEG 421–427). Separately, the Chair called attention to a $3,300,000 difference in property tax payable versus budget; staff advised that the total property tax figure and allocations to operations versus capital and reserves determine how that number should be interpreted.
