The City of Burnaby finished 2014 very much in the green, according to draft financial statements presented to the audit committee last week.
Burnaby's annual surplus last year was $101 million more than projected in its 2014 budget.
The annual surplus was expected to come in at $57.17 million, according to the statements, but the actual surplus was $158.25 million.
Approximately $58 million of that was due to a change in the city auditors' accounting practice, according to Mayor Derek Corrigan.
"Until this year, funds received by Burnaby from developers to build community amenities were held as deferred revenue until used for their intended purpose of building community amenities (such as the recently opened Brentwood and the Metrotown community resource centres, both of which provide space for valuable non-profit organizations)," Corrigan wrote in a letter to the Burnaby NOW. "This year, the city was required to report these funds as revenue in the year received, resulting in an increase in the annual surplus."
The sale of city land also added $7 million to the surplus, Corrigan said, adding that the value of the city assets received from developers, such as sidewalks, streets and light, are also considered revenue.
While most sources of revenue came in slightly higher than expected, and many expenses slightly lower, the biggest shift was in the category "other revenue from own sources."
The 2014 budget projected this category of revenue would come in at $35.57 million, while the actual amount at the end of the year was $123 million.
Burnaby's director of finance, Denise Jorgenson, did not answer emailed questions on what the other revenue sources might be, saying only that the statements are a draft copy.
Jorgenson confirmed the auditors had reviewed the statements with the audit committee, adding the financial statements would be presented in an open council meeting on April 27.
The surplus bumped up the city's net financial assets for the year. The 2014 budget had projected the city would have a decrease of $12.64 million in net assets last year, dropping the city's total net assets down to $695.31 million.
Instead, the city saw an increase of $125.81 million in net assets for 2014, with a total of $833.76 million in total net assets at the end of the year, according to the statements.
The 2015 provisional financial budget was presented to council in February.
The budget recommended a 2.98 per cent tax increase.
The projected tax increase would have been larger, were it not for savings found by city staff, according to Coun. Dan Johnston, chair of the city's newly named financial management committee.
"Staff have met with the finance committee over the past couple of months and have been able to shave the tax rate down. I believe we started at 4.5 or five per cent at one point," he said at the Feb. 2 council meeting.
Last year, council approved a 1.97 per cent tax increase, though the city had initially projected a 2.47 per cent hike.
Council also received the 2014 year-end report regarding the city's investments at the February meeting.
The city's cash and investments for 2014 totalled $827.41 million on Dec. 31, 2014, up from $679.54 million at 2013's year end.
