The ad hoc Budget Advisory committee convened once again on January 14, 2019; this time to review preliminary financial results for 2018. Financial reports on operating, capital and reserve fund activities have projected year-end transfers to infrastructure reserve funds of $867,879. This is well above the budgeted allocation of $490,529.
A combination of factors produced the additional surplus including improved investment returns, and an increase in paid usage of community centres and facilities. Further savings were generated from lower than anticipated insurance premiums, and hydro service costs across municipally owned facilities.
Annual reserve fund transfers are essential in funding long-term infrastructure plans for the Township. The draw from reserves to support 2018 infrastructure works was just over $800,000.
For more information on the budget process, visit our Municipal Budget page. For details on a specific Budget Committee meeting, go to our Budget Calendar.
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