Windfall helps township build up its reserves
North Glengarry will be able to build up its reserves thanks to a number of funding streams from upper levels of government.
On March 14, the Ontario Municipal Partnership Fund informed that the township that annual allocations would be reduced by four per cent for 2019.
At first, the township’s Director of Finance, Kim Champigny, thought this meant the township might want to revise the budget or take from reserves at year end – the reduction results in a shortfall of nearly $100,000, after all. But an additional funding announcement made that sort of thinking obsolete.
That’s because less than a week later, the township learned it would receive $598,861 from the Minister of Municipal Affairs and Housing as a “one-time payment to support small and rural municipalities.”
“This has solved the issue of revising the budget,” Ms. Champigny wrote in a report to council. She suggested these additional funds be put in reserves in order to offset costs in the 2020 budget.
“Due to already stretched resources based on the projects planned for 2019, I think it is better to plan for future items rather than rush to spend these funds,” she wrote.
At its April 23 regular meeting, council accepted the report as part of its consent agenda.