Charlottetown cuts spending to bring in substantial surplus

The City of Charlottetown released its budget Wednesday, and unveiled a $1.8 million surplus for the year that just ended.

Last spring the city was projecting a thin $5,000 surplus, with revenue and expenditures expected last spring to be roughly equal at $66.7 million.

But revenues for 2018-19 came in more than $2 million lower than forecast. Council managed to record a surplus by cutting expenditures even further.

• Current revenue projection: $64.7 million.
• Current expenses projection: $62.9 million.

The city is not raising tax rates for 2019-20, and is projecting a surplus of$11,000.

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