The Town of Collingwood is predicting a large budget surplus at year’s end.
Simcoe.com reports that according to the second-quarter budget variance report that was presented at the strategic initiatives committee meeting on August 9th, the municipality is projecting a surplus of $478,000 at the end of 2017.
During the meeting, staff recommended that 30% of the funds be transferred into a tax rate stabilization reserve, 30% into the lifecycle reserve, 10% in the non-development charge growth reserve, and 30% allocated to reserves by the CAO and treasurer.
According to Simcoe.com, staff also recommended that a number of reserves be combined with reserve funds. About $182,000 will be transferred to the Waterfront Master Plan reserve fund from the affordable housing, disaster relief, Elvis, emergency social services, harbourlands, legal, parks, and sustainability reserves. About $294,000 will be transferred into the lifecycle reserve, as will the $1.7 million in proceeds from the promissory note from the sale of Collus.