As reported in its Mid-Year Financial Report, the City of Saskatoon expects the 2024 budget to be balanced at the end of the year, but not without some saving efforts from Administration.

Due to the March 2024 snow event, there is a $5.3 million deficit in the Snow and Ice Management Program this year, however Kari Smith, Director of Finance, says this deficit will be offset by the $6.9 million the City currently has in its Snow and Ice Management Contingency Reserve.

In order to balance the remaining Civic operating budget, the City says Administration must be successful in several challenging feats to make this happen.

Examples include finding $3.75 million in savings, making up for the $548,800 shortfall in parking revenue and $415,200 shortfall in Parking violations, and overcoming a $525,000 shortfall in the Franchise Fees department that occurred due to the SaskEnergy rate adjustment in October.

In addition, the Grant-in-Lieu from Saskatoon Light and Power is expected to be $1.1 million less than budget due to a budgeted utility rate increase that did not occur.

The city plans to save $3.5 million by not filling staff vacancies and deferring expenses related to training, materials and supplies. They expect $1.7 million in fuel savings, and a $779,000 boost to Transit revenues due to increased ridership.

The 2024 Mid-Year Financial Performance Administrative Report will be presented to the Standing Policy Committee on Finance on September 4.