Burnaby finished off last year with $257.4 million in surplus at the end of December 2017, more than twice the amount projected by staff.
The city’s 2017 surplus is up $140.1 million from the 2017 projected budget surplus ($117.3 million), and $95.8 million of that comes from cash-in-lieu of community amenities paid by developers. The accumulated surplus has now grown to $4 billion, according to the city’s annual municipal report.
The rest of the extra surplus funds come from grants and private contributions ($15.5 million), contributed assets ($8.8 million), sales of land and other city assets ($7.1 million) and investment income ($4 million).
The operating surplus ($8.9 million) comes from an increase in building permits, utility, food services and engineering fee revenues, savings from the RCMP contract, staff vacancies, and transfer to reserves, among other factors.