City of Brantford announced a surplus in their 2023 capital budget on Wednesday, December 6, 2023.
A comprehensive review of completed capital City projects, as of September 2023, has revealed a surplus of $4,878,885, which will be returned to the City’s reserves.
This surplus, representing 15.3% of the original budget, reflects the City’s efficient resource allocation and prudent project management.
A thorough examination of completed projects, outlined in a report to Finance Committee and Brantford City Council in November, details that out of 56 finished projects, 43 were completed under budget.
Additionally, the City has taken proactive steps to close projects that have seen no financial activity for 18 months. Through this measure, five projects have been identified for closure due to resourcing issues or no longer being required, resulting in an additional $370,522 returned to reserves.
“This surplus return to reserves underscores our commitment to fiscal responsibility and effective project management ensuring that surplus funds are appropriately allocated back to reserves or used to cover deficits within the defined parameters,” said Kevin Davis, Mayor for the City of Brantford. “I’m proud of this achievement that reaffirms the City’s dedication to transparent and accountable financial practices.”
