The City of Dryden remains on track towards financial recovery.
A second quarter report has been presented to Council outlining the current finances over a six month period ending June 30th.
A total of $15,005,407 was budgeted for the quarter, however actual revenues came in at $14,662,526.
Treasurer Steven Lansdell-Roll warns there are risks that revenues could be lower than anticipated at the end of the day due to land sale activity not occurring as planned, child care revenues going down because of lower enrolment and a drop in water and sewer usage.
However, expenses are also down, with the City budgeting $13,935,879, and the actual coming in at $12,547,485.
Salary, Wages and Benefit costs are $850,000 lower than anticipated.
Meantime, Dryden remains on a clear path in its debt recovery plan.
As of December 31st, 2018, the debt stood at $13.9-million, with debt servicing charges bringing the total to $16.4-million.
This year about $3.4-million of city revenue is budgeted to service the debt.
Lansdell-Roll says debt servicing is currently one of the main drivers restricting the amount that can be spent on capital and infrastructure projects.
He warns the limitations will continue until the end of 2020, at which time debt servicing costs will come down to roughly $1.1-million in 2021.
