Treasurer Sean Crozier presented the 2021 Year End report, which he described as a “hodge podge” of reports:
- The 2021 Audited Financial Statements prepared by MacKillican & Associates and accept the management letter for information purposes.
- The 2021 Development Charge Report as prepared by the Treasurer/Deputy CAO.
- The financing in 2022 of unfinanced projects as at December 31, 2021 and the change in financing of projects as outlined by the Treasurer/Deputy CAO.”
As at December 31, 2021 the Township has $1,796,465 of unfinanced expenditures. The majority of these expenditures relate to major road reconstruction projects that will be debt financed in 2022 and 2023. Three projects remain unfinanced at 2021 year end due to timing issues with the related expenditures.
He also noted that the development charges beginning balances were nil as the by-law began in 2021.
According to the report: “The Township has $42,216 of development charge revenue to be utilized for future growth-related projects.”
• Trail acquisition. Originally $109,861 of the $200,000 budget was to be financed from the capital reinvestment reserve and $90,139 was to remain unfinanced in 2022. The recommendation is to finance the full budgeted amount of $200,000 from the working capital reserve. This will free up $109,861 of funding.
• Finance the remaining $77,556.25 of the Cobden Water Plant Diesel Generator from the water reserve.
• Finance the remaining Truelove, John & Crawford $40,211.25 from the wastewater reserve ($22,619.88) and the capital reinvestment reserve ($17,591.27).
• Change financing of the grader brushhead of $89,752.38 from debt to be drawn from the capital reinvestment reserve.
• Change financing of the streetlight LED conversion ~175,000 from debt to be drawn from the working capital reserve.
Councillor Mackay asked if the recently sold mines were listed among the Township’s assets.
Crozier said that they can’t remove the mines “We’re not taxing them as if we’re getting revenue.”
Councillor Jackson asked if the airport was included in the report.
“They’ve never been.” Crozier said.
The motion was carried.
