1996 compared to 1995, while expenses increased 3.8 percent to $10,886,589.

Revenues from car parking fees increased 34 percent to $1,771,866 in 1996, the first year the Bull's Head facility was in operation. Additional revenue was also earned from on-street parking charges which came into effect in July 1995.

The city collected about $4.2 million in taxes during the year, a 1.6 percent increase over last year.

Corporation secretary Roger Sherratt agreed the stable tax revenue was an indication there had been no shakeout of retailers and other businesses due to a tough economic climate last year.

Under expenditures the corporation paid $519,945 interest to holders of its 8% bond, issued to pay for constructing the Bull's Head multi-storey car park.

Expenses under administrative and office salaries increased 7.5 percent to $740,124 compared to 1995. Spending on property maintainance rose 118 percent to $247,285. The operation of fee paying parking cost $225,228, while spending on Bull's Head amounted to $143,425.