OLDS — As of Sept. 30, the town had spent only 64 per cent of its projected spending, despite being 75 per cent of the way through the year, according to finance director Sheena Linderman.
She said the town had also only spent 51 per cent of its capital budgets during that time as well.
Linderman made that point during council’s Nov. 25 meeting as council received a financial report covering the first nine months of the year, ending Sept. 30.
“There’s nothing really huge to report on. Everything is tracking as it should or below,” Linderman said.
“Congratulations. To be under 75 per cent of our budget is always a lovely, lovely thing. Thank you for your hard work,” said Mayor Michael Muzychka, who operated an accounting business before running for his current post.
“It is not an easy task,” Linderman said, sparking some laughter.
“No it isn’t. I know it isn’t,” Muzychka said.
In an email, Linderman explained why the books look so good at this point.
She pointed out that when it comes to the capital budget, most final payments made by the town occur in October or November.
Similarly, on the operating budget side of things, there are a lot of entries that happen at the end of the year, such as transfers to reserves or transfers to capital.
Also, some of the town’s larger operating expenses occur in the last quarter of the year, such as debenture payments, firefighters' honorariums and snow removal.
