CENTRE WELLINGTON – The Township of Centre Wellington will get to put a bit of money aside for capital projects as it ended 2023 with a surplus.
A report shows the township had a year-end surplus of just over $1.7 million which staff are recommending to put aside into a general capital reserve to support current and future capital projects.
The surplus, the report says, is largely due to “investment income, unfilled positions, supplementary taxation revenue net of write-offs, parks and recreation revenues and interest and penalties revenue on outstanding taxes receivable.”
The township did see some divisions go over-budget last year including the fire division and public works.
Historically, the report says council’s practice has been to transfer any tax supported operating surplus to the general capital reserve but there have been some occurrences in the past decade where it has been directed elsewhere such as the COVID-19 reserve, the contingency reserve or the WSIB reserve.
Council will consider approving staff’s recommendation to put the surplus into a reserve at a meeting on Monday.
