|
King Weekly Sentinel https://kingsentinel.com/?p=9194 Export date: Sun Nov 24 12:18:37 2024 / +0000 GMT |
Township reserves bolstered by surplusBy Mark Pavilons A surplus from King Township's 2016 operating budget has been put into reserves. King's 2016 audited financial statements were received by councillors recently. The 2016 operating surplus came to $817,405. Of that, $25,000 will go to the tax stabilization reserve; $75,000 to the infrastructure reserve and the residual $717,405 to the infrastructure reserve. According to staff, the annual operating surplus represents the value of incremental sources of revenue that by nature, or unanticipated circumstances, are infrequent occurrences. Council has directed that any surplus be directed to reserves. The Township's net debt position has improved by $2.6 million over 2015. As of Dec. 31, 2016, King owes $18.1 million. All outstanding debt relates to sanitary sewer and related work in King City and Nobleton over the past decade. Water and wastewater services enjoy a surplus in 2016, largely due to higher consumption due to the dry summer. The building department also had a small surplus of $351,942. |
| Excerpt: A surplus from King Township’s 2016 operating budget has been put into reserves. King’s 2016 audited financial statements were received by councillors recently. The 2016 operating surplus came to $817,405. |
|
Post date: 2017-07-12 09:49:51 Post date GMT: 2017-07-12 13:49:51 Post modified date: 2017-07-19 10:53:00 Post modified date GMT: 2017-07-19 14:53:00 |
|
Export date: Sun Nov 24 12:18:37 2024 / +0000 GMT This page was exported from King Weekly Sentinel [ https://kingsentinel.com ] Export of Post and Page has been powered by [ Universal Post Manager ] plugin from www.ProfProjects.com |
