The Town of Cochrane moved nearly $1 million into capital reserves April 27, after its 2014 audit revealed a year-end and fire tax operating surplus.
The majority of the funds ($795,706) was moved to the facility lifecycling capital reserve, bringing the balance to just less than $3 million. Funding for decommission of the new aquatic/curling facility building in 2017 will ultimately come from this reserve.
The remaining $110,900 was transferred into the fire fleet capital reserve, with approximately $66,000 expected to be directed toward the purchase of a new $850,000 fire engine for Cochrane Fire Services.
Pricewaterhouse Coopers completed the 2014 audit, and some additional highlights include:
• Planning revenues $1.4 million higher than expected, with contract costs for subdivision planning expertise and inspections exceeding the budget by $1.07 million, resulting in an overall surplus of $330,000;
• Water revenues exceeded the budget by $680,000 due to higher residential growth than expected, new meter sales and higher bulk water sales;
• Roads were over budgeted by $163,000 due to street light costs, plow truck repairs and asphalt repairs along GlenEagles Drive.
Paige Milner, senior manager of corporate services for the Town, also requested with council approval an increase to the 2015 net cost of operations by $880,000, which reflects a higher than expected assessment growth and tax revenue.
Actual growth is 10.6 per cent, while the Town had budgeted for a conservative six per cent, resulting in the additional revenue.
The money will be used for debt servicing payments toward the aquatic/curling centre and be placed in reserves for future capital projects over the next five years.
