At the end of last year, the City of Guelph’s Operating Budget showed a “positive variance” of almost $1.2 million.
“Positive Variance” is finance mumbo-jumbo that simply means, after all the bills were paid, there was a bunch of money left over.
The Chair of the Corporate Services Committee, June Hofland, says City staff have recommended that the City basically bank the extra money by putting it into Rate Stabilization Funds.
That’s money that the city sets aside for a rainy day, so that your tax bills, in one particular year, don’t take a huge hit.
Other “leftover money” at the end of 2015, will go into other reserve funds like water, wastewater, building services and courts.