Skip to content. Accessibility info.

News Archives

News Release

HRM Projects Surplus Despite Uncertain Financial Market

(Tuesday, November 25, 2008) - Halifax Regional Municipality released its 2nd Quarter Financial Statements today, and is projecting a surplus. Despite the uncertain financial market, HRM is confident that with responsible financial planning, the Municipal budget will remain on course.

At the end of September 2008, the operating statement showed a surplus of $377,000.

"In these uncertain financial times, we are pleased to project a surplus at this stage in our budget process," said Dan English, CAO of Halifax Regional Municipality. "We are cautious about our financial outcome and will continue to seek savings in the operating budget to ensure we remain on track for a positive year end result."

The net projected surplus is the result of the following changes:
• Payments in lieu of taxes: Increased assessment of the Autoport has resulted in higher grants in lieu.
• Debt charges: The interest payments for debentures issued were lower than budgeted.
• Non-Union Compensation Strategy: Costs associated with the strategy were less than budgeted.
• Property Taxes and Fire Protection: Revenue for Fire Protection is lower than budgeted. This deficit is offset by a corresponding reduction in funds transferred to the HRWC, and
• Investment income: Income earned on short term investments has declined significantly from budget.

Beyond the approved 2008/2009 capital budget of $200 million, there will be an additional $19.6 million for investments in infrastructure. The main increases are for Mainland Commons Recreation Facility ($12.4 million), Centennial Pool Upgrade ($1.0 million), Hammonds Plains Road improvements ($1.0 million) and various paving and resurfacing projects ($3.4 million).

For more detailed information on the 2nd quarter financial results, and the budget impact from world economic conditions, visit


For more information, please contact:

Kim Borgal
HRM Corporate Communications




Above content last modified Thursday, November 02, 2023 at 11:40am.