By STEPHAN BURNETT, Weyburn Review Editor
City Controller Stan Runne summarized the 1998 audited statements in Monday night's City Council meeting by saying a modest surplus of $7,930 exists within the 1998 financial statements - however, close to $10 million has been set aside for future developments.
Runne's breakdown of accounts shows modest surpluses in three fund summaries. In the General Fund, a surplus of $2,405 is shown, in Waterworks, a surplus of $2,314 is shown and in Sewage, a surplus of $3,211 is shown - for a combined surplus of $7,930.
These modest surpluses were registered even though audited financial statements show a combined surplus of $10,282,127 is sitting in the City's Revenue Fund, Utility Fund and Cemetary-Perpetual Care Funds.
Runne explained the reserve funds are designated to finance future capital projects - naming the sewage lagoon as an example of one such capital expenditure.
"For every reserve that's there, there's a reason for that reserve we have to follow generally accepted accounting principles," said Runne. The city controller admitted that overall, the City is in a very strong financial situation.
"We are looking at eliminating our last debenture (debt), although we are looking at another $2.1 million-dollar loan to be handled internally," because of the firehall-workshop, he said.
Overall, there has been an approximate reduction of $375,000 in the reserve accounts because of uncollectable taxes, most of which arise from the failed Bellringer Resources venture, said Runne.
"The big item was expensing the foreclosure of the Plains Food Fibre property (distillery) and recording costs of $404,962 in 1998."
In other council news, Souris Avenue west of the back lane behind the Department of Highways will now be closed to facilitate the development of Real Canadian Wholesale, said city commissioner Bob Smith.
"Westfair Properties have options on that land and part of that option is to have the applicable zoning and road closure done because that will be the location of the new store," said Smith.
The existing road is not a true road by City standards, said Smith, it's simply a trail, and the road from Hill Avenue to 5th Street will not be affected. "The way Souris Avenue runs right now is on top of a dike, so it wasn't really a road in the first place," said the city commissioner.
In further council news Councillor Hamm said the Weyburn 2020 committee has been meeting recently to discuss the farm crisis and what effects it will have on Weyburn and surrounding area. Hamm reports the group has scheduled a preliminary meeting and issued invitations to affected interest groups, and added a meeting will be held to speak with the public at large at 7 p.m. on Tuesday, March 30, downstairs at the Legion. Later Hamm announced the meeting to discuss the future course of the Colosseum has been rescheduled to Thursday, March 25 at 7:30 p.m. at the Legion.
Councillor Marlene Nedelcov announced, during her tourism committee report, that the City will qualify for an additional $3,000 for fighting Dutch Elm disease.
A sod-turning ceremony for the new regional library building will be held on March 27, said Councillor Debra Button.
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