City debt reduced

North Bay treasurer Brian Rogers says the city could actually end up with a slight surplus by the end of the year.

Rogers, pictured left, delivered an operations report to council Monday night, which stated there could be $9,800 left over when all the numbers are finally added up.

Part of the project surplus comes from a staff recommendation to defer $500,000 worth of capital projects, Rogers said.

“What we had to identify was an additional $200,000 in savings by way of putting off the discretionary spending items for the balance of the year and going through the budget account by account,” Rogers said after the meeting.

Rogers recommended in September that discretionary spending controls implemented by Chief Administrative Officer Tim Sheffield be continued with a savings target of at least $200,000, and that up to $100,000 be allocated from the city’s Operating Budget Contingency Fund to help offset any projected 2003 deficits.

Rogers also said 25 capital projects have been completed, resulting in a surplus of $979,000.

And, Rogers said, the city’s level of capital debt and commitments has dropped from approximately $46.3 million, as of Dec. 31, 2000, to $38.2 million by Dec. 31, 2003.

“Since the current capital project reporting requirements and expenditure controls were adopted in 2001,” Rogers wrote in his report, "virtually every capital project has been completed under budget and a completed capital reserve fund with a balance of $1,100,000 has been created.”