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City records $11.2M surplus (2:05 p.m.)

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  • City records $11.2M surplus (2:05 p.m.)

    City records $11.2M surplus (2:05 p.m.)
    Sixth surplus in seven years
    Susan Ruttan, edmontonjournal.com
    Published: Thursday, March 01, 2007

    A booming city of Edmonton has chalked up another budget surplus — its sixth in the last seven years.

    The surplus for 2006 is $11.2 million on a $1.5-billion operating budget.

    Much of the extra money comes from growth-related items — fees for residential development, plus revenue from transit, parking meters and waste-user fees.
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    City council has already allocated most of the surplus to top up its financial stabilization reserve to $85 million, the level council likes to
    keep the reserve at. The rest will fund projects such as affordable housing, the Edmonton Land Trust and new street lighting on Candy Cane lane.

    When the final audited results are reported in mid-April, council will allocate any remainder of the surplus.

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    Ottawa-Edmonton-Vancouver-Edmonton

  • #2
    Enter letters to the editor and a couple of columnists demanding a "Cheque in the mail" in 5.....4.....3.....2.....
    President and CEO - Airshow.

    Comment


    • #3
      ^ I hate to say that you are probably right.
      Time to grow up.

      Comment


      • #4
        Anybody care to have a pool on what the SUN's headline will be?

        City coffes overflowing
        Residents wonder why streets can't be plowed

        Edmonton With a huge surplus anounced yesterday, city residents
        are waiting for the city to announce plans to plow all roads next
        winter..........Smart *** jab at Mandel......Taxes.....Waste of money on
        the Art gallary....Police....Taxes...

        So predictable.

        Comment


        • #5
          You're not allowed to ***** about their letters until you've written one opposing.

          Now, if you'll excuse me....

          Comment


          • #6
            ^If you're interested in b****es check out the venting section of the Journal.

            Comment


            • #7
              Originally posted by travis
              ^If you're interested in b****es check out the venting section of the Journal.
              I really can't stand the venting section of the Journal. It certainly brings the paper down a notch in my books. It's for people who have something to say about something, but are either
              A) Too uneducated or lazy to write a letter to the editor
              B) or are basing their opinion on faulty logic and by not having to write a couple paragraphs they don't have to defend the reason's for their opinion.

              Comment


              • #8
                Originally posted by m0nkyman
                You're not allowed to b**** about their letters until you've written one opposing.

                Now, if you'll excuse me....

                done done and done

                can I complain now?
                President and CEO - Airshow.

                Comment


                • #9
                  So if Edmonton is running surpluses why do you need the refineries?

                  Comment


                  • #10
                    If St Albert is running a surplus, why does it need more land??

                    or charge for bag tags....:P
                    President and CEO - Airshow.

                    Comment


                    • #11
                      Originally posted by RichardS
                      Originally posted by m0nkyman
                      You're not allowed to b**** about their letters until you've written one opposing.

                      Now, if you'll excuse me....

                      done done and done

                      can I complain now?
                      Yes. So can I.

                      Comment


                      • #12
                        The city should not have that surplus, it shouldn't just pour into their reserves, particularly when the surplus is attributed to development fees.

                        What an obvious source of funds to ensure the infrastructure matches the development. Time for the intersections and suburban LRT lines to be built now, in time to prevent gridlock from getting worse, not in 20 years when it is a nightmare.
                        City Centre Airport is to the sky as False Creek is to the ocean.

                        Comment


                        • #13
                          Originally posted by lux
                          The city should not have that surplus, it shouldn't just pour into their reserves, particularly when the surplus is attributed to development fees.

                          What an obvious source of funds to ensure the infrastructure matches the development. Time for the intersections and suburban LRT lines to be built now, in time to prevent gridlock from getting worse, not in 20 years when it is a nightmare.

                          bingo...reeping the benefits from growth yet not placing this windfall back to that area?

                          dumb


                          Ottawa-Edmonton-Vancouver-Edmonton

                          Comment


                          • #14
                            Having a significant reserve available to spend, and the balls to borrow when needed, on projects during the next downturn (cheapest time to build) might help avoid a repeat of our current infrastructure plight.

                            Comment


                            • #15
                              We all saw this one coming, didn't you?

                              http://edmsun.canoe.ca/Comment/2007/...94322-sun.html

                              Patience is overtaxed
                              By KERRY DIOTTE

                              The City of Edmonton had some great news last week.

                              It reported a budget surplus of $11.2 million for 2006.

                              "It's a tribute to both city council and the administration that we've been able to manage our finances so well in this time of unprecedented growth," boasted city manager Al Maurer in a news release.

                              The extra cash is from increased city revenues and stronger-than-expected performance from corporate investments.

                              But for beleaguered ratepayers who face a 2007 property tax hike of 6.5% this year - more than double the rate of inflation - the good news was short-lived.

                              If history is any indicator, taxpayers won't get a cent back. Indeed, some of the surplus cash is all but spent already.

                              According to Maurer's news release it will go to "initiatives such as affordable housing, the Edmonton Land Trust and lighting on Candy Cane Lane.

                              When final audited statements arrive in April council then gets to decide what to do with the leftover scraps of cash.

                              The annual surplus debacle has a familiar ring to it.

                              Since 2000, city council has amassed surpluses totalling $145 million and the vast majority of that has been squirrelled away in rainy day funds or blown on pet projects.

                              There's no reason to think that taxpayers will catch a break this time even though surpluses simply prove we were overtaxed in the first place.

                              About the only city councillor calling strongly for a refund to taxpayers is Coun. Mike Nickel.

                              Scott Hennig, Alberta director of the Canadian Taxpayers Federation, hit the nail on the head.

                              "It's unbelievable the city can cry poor one month, jacking up our taxes by 6.5% and then turn around a couple of months later and show up with yet another surplus," said Hennig.

                              Once greedy politicians get their grubby paws on our cash, they just don't want to let it go.

                              And it seems that the longer they're in civic politics the greedier they are for our hard-earned cash.

                              Back in the spring of 2004, this newspaper ran an editorial that suggested an $8-million surplus be returned to taxpayers by cutting them cheques.

                              A couple of councillors supported some sort of refund, including then-councillor Stephen Mandel.

                              He argued the refund could be made by applying it to a planned tax hike back then. "This money could cut the tax hike to 3.5%," Mandel argued.

                              Those kind of thoughts were written off as heresy by then-mayor Bill Smith, who called the idea "ridiculous.

                              "For anybody to criticize this council for not being prudent and supporting increasing the financial stabilization fund, (they) should get out of the newspaper business and get into the business of picking up bottles or something," sputtered the super-steamed Smith.

                              The silence today from Mayor Mandel on this latest surplus is deafening. He certainly hasn't been front and centre arguing for a refund now.

                              It's funny how politicians change their stripes once they're elected.

                              This desire to keep or spend this latest surplus shows how out of touch our civic politicians have become.

                              Coun. Michael Phair argued that the surplus is minuscule considering the city's total budget is $1.4 billion. Really? OK, then it's not worth keeping!

                              Give it back to people who really need a couple of extra dollars, such as low-income single parents or seniors struggling to stay in their own homes as property taxes rise.

                              These are the very people who are most hurt by this socialistic council's lust for spending.

                              It's just another slap in the face from a bunch of politicians who voted themselves a 13% pay hike that kicks in after this fall's election.

                              Clearly the vast majority of them have lost touch with the very people who elected them.

                              They overtax our wallets - and our patience.
                              “You have to dream big. If we want to be a little city, we dream small. If we want to be a big city, we dream big, and this is a big idea.” - Mayor Stephen Mandel, 02/22/2012

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