State of the Town Address: Part 5

Bank account totals as of July 31, 2021

We have operated on fact in all areas of responsibility and where possible we are open to sharing information.

$409,300      Operating

$4,794,568   Gas Tax    

$2,646,000   CPIF          

$592,646       Capital Reserve

$415               General Reserve

Total Bank Accounts $8,442,929

Receivables still to come in

$4,276,000 Property tax payments

$250,000 Covid Expense recovery

$1,500,000 ICIP (investing in community infrastructure program) for drainage work

$2,400,000 in SCF (Small communities fund) for remaining chip seal

$570,000   GST refund to the end of 2020

$150,000   GST refund to July 2021

Total incoming               $9,146,000

The Town is required to cash flow all grant funded projects while ensuring that all our budgeted operational needs and unforeseen obligations are met. This means that we must be strategic with projects going forward. We are also obligated with many of our grants to match grant funds with a 25% share i.e.: we need to match every $1Million with $250,000.00.

We are bound to previously negotiated contracts for Water/Sewer and Civil Works and Garbage. We took the option of extending each of these contracts 2 years to provide economic stability to each company during COVID uncertainty.

2022 Draft Budget

Council felt it was their responsibility to prepare as much as possible for a new Council. This is a draft budget which can act as a framework for a new Council in the early days. See below draft budget and Capital Projects and Funding Plan.