The totals will change, particularly after the 2008 budget is passed, but as of the end of last year, the township reported over $3.75-million in reserves and reserve funds.
Reserve funds – generated primarily from development charges, federal gas tax monies, and lifecycle contributions for water and sewer – make up just over half of that total, at $1,927,606.
That figure is up 21% from year-end 2006, when reserve funds totalled just under $1.6-million.
The Development Charges Act states that every township must report reserve fund balances to the Ministry of Municipal Affairs and Housing.
Township reserves – which are earmarked for specific purposes, including the fire department, transportation, administration, and parks and recreation – total $1,832,295.
That is down 6% from the end of 2006. And, as noted by Director of Finance Mike Givens at council’s last meeting, the 2007 total is down 26% from 2005.
