YORKTON - The City of Yorkton had a considerable surplus at the end of 2023.
Combined with the prior “rainy day fund”, much of which is from the COVID Safe Restart funding, the City's surplus account is $2,404,590, reported Ashley Stradeski, Director of Finance with the city at the Committee-of-the-Whole meeting Monday.
“These funds are not earmarked for anything,” he said.
The surplus means money Council can chose to do a variety of things with, suggested Stradeski, including leaving money for an actual ‘rainy day’, take on a number of projects which are of interest but not within existing budgets, or to pay off debt.
Stradeski said it was his opinion that the City should keep some amount remaining in the rainy day fund, to cover potential future deficits. He added there have been times the fund has been empty and the city has had a deficit, a situation that would now force a tax increase.
Mayor Mitch Hippsley asked Stradeski how much he would suggest be left in the ‘Rainy Day Fund’?
“A million bucks,” replied Stradeski.
In terms of debt reduction, Stradeski noted the city has loans maturing in each of 2025 & 2027. One is for the fire hall, one is for Dracup Ave reconstruction. The payments are $650,000 and $700,000 annually, respectively, and balances will be approximately $650,000 and $1,700,000 at the end of the year.
As for potential projects Administration provided a list, and then a number of Councillors added their own ideas.
The Administration list included $225,000 for a new air conditioning unit for City Hall, $250,000 in additional dollars for public works, and $150,000 for a new crack sealing trailer.
Councillor Darcy Zaharia had other ideas.
“It’s not like any of these items are not important,” he said, but added “. . . these things don’t bring people to our community . . . Don’t keep people in the city on weekends.”
Instead Zaharia said he would like to see at least some of the funds used for new amenities.
Those projects might include some dollars invested in the public library, a climbing wall in the Gallagher Centre and a senior centre, he said.
Overall, it was a list which had Councillor Ken Chyz stating, “I don’t think we’re going to come to any conclusions.”
That was indeed the case as Council chose to file the report with the caveat Administration prepare a further report, with the actual allocation of the surplus likely to be part of the 2025/2026 budget process.
In the budget process projects would “go through the regular vetting process,” noted Stradeski.
