Council receives first quarter budget update

Published on
June 12, 2024
Business, economy and innovation
Council, committees and City Hall
Planning, development and construction

City Council heard today that the City is showing an overall tax and rate supported year-to-date surplus of nearly $3.5 million for the first quarter of 2024 as part of a status update on the 2024 Tax and Rate Operating and Capital Budget.

Year-to-date tax-supported results show a surplus of nearly $2.3 million, due primarily to a mild first half of the 2024 winter season. The non-departmental surplus is mainly due to higher investment income resulting from higher investment balances and interest rates, as well as higher penalty and interest revenues resulting from a higher amount of tax arrears.  The rate-supported results show a $1.2-million surplus, primarily from higher than budgeted revenues and vacancies.

Council approved the purchase of 100 Constellation Drive when the City’s lease on the property ends in February 2026. While the property’s current market value is $84.4 million, the price set out in the City’s lease is predetermined at $10 million. With closing costs estimated at $2.2 million, the City’s total cost is $12.2 million – a savings of $72.2 million.

The Committee received a progress report on Ᾱdisōke, the new Ottawa Public Library and Library and Archives Canada facility. Recent milestones in construction include the structural completion of the wood roof and structural steel for the staircases.  The project remains on budget and on schedule with an expected opening of summer 2026.

Council received an update of City procurement activities in 2023, which noted $1.6 billion in contracts, including purchases equal to or over $25,000 made under delegation of authority. The City awarded $1.3 billion in contracts using a competitive solicitation process. When considering contracts where there was no option but to award to a specific supplier, 97 per cent of the purchases were deemed competitive. City procurement strongly supported the local economy, with 92 per cent of purchased goods and services in 2023 being from local businesses.