By Mack Male
Preliminary results suggest the City of Edmonton finished 2020 with a surplus of $40.2 million.
In its latest financial update, administration suggests that "without early budget adjustments the City of Edmonton could have ended the year with a deficit of over $100 million."
Revenues were $29.1 million less than the budget that was adjusted for COVID-19 last spring, while expenses were $69.3 million lower. The figures suggest the COVID-19 pandemic resulted in an overall decline in revenue of $171.7 million, compared to the original budget for 2020.
Administration says a number of factors contributed to the surplus, including smaller than anticipated declines in revenue from business licenses and lower than anticipated fuel and utilities costs. Personnel costs were "extremely" close to the budgeted amount. Revenues from Edmonton Transit were $14 million lower than the adjusted amount budgeted in April 2020.