At Monday night's meeting, Burnaby council took a look at its books for 2012 and found a big chunk of change leftover.
According to the 2012 financial report from the City of Burnaby's audit committee, there is a general municipal surplus of $1,808,884 and a library surplus of $506,581.
"It's been a great year for the City of Burnaby," Coun. Dan Johnston said at Monday night's meeting. "The report that's before us is a clean audit report for those people that are into reading audit reports."
The major items that aided the surplus were a $1,477,400 increase from the planning and building department's revenue, $412,542 from grants-in-lieu of taxes and $355,227 from the investment income.
Council approved the more than $1.8 million general surplus transfer to the stabilization fund, which exists to reduce one-time expenditure impacts on the city's operating budget.
The library's surplus will remain with the library board.
The 2013 provisional plan includes stabilization funding of $1,028,685.
According to the report, the city's financial position was strong last year, with an increase in accumulated surplus (net worth) of $99.5 million. In 2011, it was $80.8 million.
The city's total accumulated net worth, which means all assets that exceed liabilities, is more than $3.1 billion for 2012.
The largest increase in last year's revenue, compared to 2011, came from the sale of goods and services.
The city's investment portfolio totalled $610 million as of Dec. 31, 2012. In 2011, it was $529 million.
Government transfers decreased due to the completion of one-time cost sharing agreements for capital projects in 2011, the report states.
Transfers from restricted funds and development cost charges were down $1.3 million over 2011 "due to the nature of capital works undertaken in 2012."
The city spent more than $93 million on the acquisition and construction of "tangible capital assets," such as the Edmonds Community Centre and the Still Creek Recycling/ Green Waste Depot and Works Yard.
Other capital asset spending includes pavement rehabilitation, local improvement initiatives, watermain renewal, sewer separation programs,
replacing aging vehicles and equipment and parkland acquisition, according to the report.
"Council's-pay as-you-go strategy has provided the city with long-term sustainable funding for capital infrastructure replacement and capital expansion," the report states.
"Sufficient reserves afford council the ongoing ability to maintain taxation stability. The practice strengthens the city's financial position and has kept the city debt-free for over a decade."
From 2011, Burnaby's net cash flow increased by $10.8 million.
"The city's cash liquidity is strong with cash and investments totalling $610 million," the report states.
Outstanding contracts for capital and other expenditures are estimated at $36.6 million, which are not accrued in the financial statements.
"The city is currently involved in various legal actions," the report states. "The outcome of these actions cannot be determined at this time. A provision has been made in the accounts for any possible unfavourable outcome of these actions."
If there is a loss that exceeds the provisions in place or insurance coverage, it will be "recorded when determinable."
To read the report, visit www.burnaby.ca.
