Okotoks is ending 2009 with money in the bank, but its operating surplus will be down compared to last year.

The Town of Okotoks is projecting it will end 2009 with a $500,000 operating surplus.

“It’s in that ball park, which is significantly less than last year,” said Mayor Bill McAlpine.

In 2008, the Town saved $934,000 on its operating budget, which was transferred to the Town’s reserve funds.

Okotoks financial services manager Louise Wasylenko stressed the number is still preliminary and the final surplus won’t be known until later in the winter once the Town closes its financial books for 2009.

She said the Town still has outstanding contracts with third party contractors. As well, Wasylenko added, the Town’s final operating balance could change if the Town faced some sort of unforeseen event.

McAlpine said a number of staffing vacancies within The Town has contributed to the surplus, but decreased construction activity and fewer development permits is a major factor in the reduction in the surplus.

Town council will decide what to do with the surplus later in the winter.

McAlpine would like to see the surplus money be put into the Town’s savings.

“Generally speaking, my vote would be that it goes back into the operating reserves because we took some money out of it this year,” he said.

In the Town’s 2010 operating budget, town council approved drawing just over $1 million from the Town’s reserves.

Coun. Stephen Clark said the Town should save it for future infrastructure needs.

“I would like to see it go to the capital reserves,” he said.

dpatterson@okotoks.greatwest.ca

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