Treasurer and Deputy CAO Sean Crozier outlined the PSAB Budget for 2020.
He said that usually municipalities make the yearly budgets on ‘a cash basic’, but changes to the agreement requires amortization costs be included in the budget.
For the 2020 budget, the amortization expense is $1,583,469.21.For the year ending December 31, 2019, the unfunded employee future benefits were $53,007. Currently there is $44,821 in the reserve for union sick leave.For the year ending December 31, 2019, the landfill closure and post closure costs were $457,000. Currently there is $89,000 in the waste management reserve; however, funds for the reserve are dedicated for capital and operational requirements. In 2020, the Township created a Landfill Post Closure Reserve with the intent to commit $20,000 yearly.
No questions were asked, and the motion was carried.
