City of Winnipeg expected to have $3.8-million surplus
Updated: November 6 at 10:36 AM CST
THE City of Winnipeg is on course to sock away $3.8 million at the end of the year, thanks to lower-than-expected construction costs and higher-than-expected red-light camera revenue.
Chief financial officer Mike Ruta told city council’s finance committee this morning that the city currently expects to have a $3.8 million surplus at the end of 2008.
The city also expects to transfer an additional $2.5 million into its destination-marketing reserve, thanks to higher-than-expected revenue from its new Accommodation Tax.
Total revenue from this tax, informally known as the hotel tax, is expected to be $4.3 million this year, up from an initial projection of $1.75 million. The tax came into effect June 1.