Hydro fund to cover $47,488 in sidewalk upgrades
Guelph-Eramosa council has okayed spending $47,488 of its Rockwood Hydro Reserve for sidewalk repairs in the village.
On Monday night Finance Manager Linda Cheyne explained the $79,488 tender approved earlier this month for sidewalk repairs along Alma and Inkerman Streets was significantly over the budget amount of $32,000.
Cheyne suggested the difference be covered from the hydro reserves, which would leave the fund with a balance of just over $1.5-million. She also explained the hydro fund interest rate is just over 1%.
“This is exactly what it was intended for, in my way of thinking,”said councillor Doug Breen.
Council voted unanimously to approve the transfer from the reserve fund. Councillor Roger Knapp was absent.
