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First-quarter financials for Sooke on track

Spike in revenues due to development cost charges

The District of Sooke’s financial report for the first quarter of 2022 shows that revenue from fees is tracking ahead of expectations.

According to a staff report, operating revenues were 47 per cent of annual budgeted amounts, excluding property taxes, and expenditures were 18 per cent of budgeted yearly amounts, compared to 30 per cent and 18 per cent for 2021. Revenues received for the year are tracking 47 percent due to road and wastewater development cost charges received this year.

The report notes that most of the District’s revenue transactions will occur in the next quarter when property taxes are collected.

The total revenue for fees is tracking well and ahead of budget and is expected to meet or exceed the 2022 budget. That includes fees for subdivision, rezoning, building, development, business licenses, title searches, and miscellaneous items. The District has already reached slightly more than half of the annual target for building permit revenue through the first quarter.

The report has the total budget for sales and user fees, penalties and fines, DCCs for roads and sewers, licenses, permits, and sewer fund serviceability fees and generation charges at $2.363,209 for 2022, with the actuals at $1.113,655 million as of March 31.

Expenditures are tracking favourably against the 2022 budget, with the district spending 18 per cent of its operating budget expenditures for the second quarter of 2022. The main reason for that favourable positions is due to the second-quarter contract expenses for the RCMP, which are invoiced and paid in May.

Salaries and benefits, currently at 21 per cent of the total amount budgeted for 2022, are expected to finish the year on budget. The variance in salary is primarily due to the timing for hiring vacant positions. Expenditures are also on track, with no significant budget variances anticipated.

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About the Author: Rick Stiebel

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