Timmins is on track to be $2.5 million over budget this year. That’s according to the city’s treasurer, Jim Howie, who presented his quarterly report to the city last night.
Howie says the city’s revenue and spending are in line with this year’s budget, but tax write offs are being substantially increased. He says new valuation methods for mining properties, external economic factors, and demolition of surface structures all are requiring the city to increase their allowance for tax write-offs. He says the line will be over budget when the city accumulates the write-offs between 2013 and 2016.
However, city staff is now working on mitigating the financial impact of that revenue loss. Howie also notes it’s still early in the year, and any projected numbers could still change.
Check out the full report, including a break down of costs, on the city’s website, under item 4C.