WHITEWATER REGION (Cobden) — The Council of the Township of Whitewater Region passed a motion to adopt the PSAB Budget 2019 Compliance Report. Ontario Regulation 284/09, allows a municipality to prepare their yearly budget excluding amortization expenses, post employment benefits expenses, solid waste landfill closure and post closure expenses.
According to documentation, the amortization expense for the 2019 budget is $1,756,404. For the year ending December 31, 2018, the unfunded employee future benefits were listed at $68,193 and the landfill closure and post closure costs were $457 thousand. Currently, there is $44,824 in the reserve for union sick leave and $229 thousand in the waste management reserve. It also states funds for the reserve are dedicated for capital and operational requirements.
Sean Crozier, Treasurer for the Township of Whitewater Region, stated there is no financial impact as a result of the recommendation and the Schedule of General Operations is available on the Township website.
