spot_img
Thursday, August 28, 2025
spot_img

Carleton Place projects $7.8M surplus for 2024, but spending on hold

spot_img
HEDDY SOROUR

Carleton Place is projecting a $7.8-million surplus for 2024 — a windfall that town staff attribute to both planned and unexpected savings.

These are preliminary results, subject to change following an audit by the town’s external auditors.

“We anticipated that we were going to have a $5.4-million surplus, and half of that was to go into the water and sewer reserve,” town treasurer Trisa McConkey told council.

The funds being funnelled into the water and sewer reserve are earmarked for critical infrastructure work. The town’s underground water and sewer systems were last updated in 1980, largely with support from upper-tier governments. Those pipes, said McConkey, will soon need to be replaced at a projected cost of more than $100 million.

“So we need to be saving money for that — that’s why we plan for that surplus every year,” she said. “We had also planned to contribute $2.8 million to the asset management reserve, and that’s what we did.”

In addition to the expected surplus, the town realized a further $2.18 million in unexpected funds.

These extra dollars came from several sources, including higher-than-expected bank interest, an unspent child-care grant from the county, unused Community Improvement Plan funds, increased Parks and Recreation revenue due to staffing changes, and a winter control operations surplus from last season.

“I did, as per our reserve policy, have a look at our winter control reserve, but it was already at the target we set, so I didn’t make any more adjustments to that or any of the other operational reserves. I didn’t need to,” said McConkey.

She suggested using the unexpected surplus to pay down unfunded debt from a recent land purchase.

But several councillors weren’t ready to commit.

“I don’t like making a financial decision this big not at budget time,” said Deputy Mayor Andrew Tennant. “That’s when we’re weighing things against each other. I personally would like to deposit this unexpected surplus into the strategic reserves and sit on it until budget, and then decide what we would like to do.”

Councillors Jeff Atkinson and Sarah Cavanagh agreed.

“We don’t know what costs will come up between now and then,” said Cavanagh. “As you said, you’re funding the debt internally now, so there’s no real urgency to make a decision in this moment versus a few months from now.”

As per council’s decision the unexpected reserve will be deposited into the strategic reserve until budget time, which begins in October for council members prior to staff’s budget presentations scheduled for November, according to McConkey.

spot_img
spot_img

Hot this week

Smiths Falls Police address crash, bar incident and youth assault in series of responses

SUBMITTED No injuries after collision with hydro pole. Driver facing...

King Charles III Coronation Medal recognizes exceptional Canadians

LAURIE WEIR In a special ceremony hosted by Lanark—Frontenac—Kingston MP...

Smiths Falls History & Mystery: Farmer grocer solider reeve

Ambrose Halladay moved into the Keyhole House in Smiths...

UCDSB to host holocaust survivor Andy Rèti as Tour for Humanity returns

SUBMITTED The Tour for Humanity mobile classroom will return to...

Impaired charge laid after a collision on Roger Stevens Drive

SUBMITTED A Toronto resident has been charged following a single...
spot_img

Stolen boat motor recovered in Arden

SUBMITTED BY OPP EAST REGION Arrest Warrant To Be Issued...

Council divided over veto, integrity complaints, and strong mayor powers in Rideau Lakes

LAURIE WEIR CHANTRY — The controversy around the Chantry office...

Disturbance results in multiple charges

SUBMITTED BY LANARK COUNTY OPP CARLETON PLACE - The Lanark...

Butterflies take flight again in Perth for second annual memorial release

Community gathers Aug. 20 to honour loved ones through...

Canada Post clarifies that the red flag’s only use is for outgoing mail

LAURIE WEIR PORTLAND — Rural residents, did you know that...

Six charged in Smiths Falls police investigations including impaired driving and animal cruelty

SUBMITTED / SMITHS FALLS POLICE SERVICE Breach investigation results in...

HOMETOWN HAPPENINGS: Markets, music and family fun this weekend

Looking for something to do this weekend? We’ve got...

Related Articles

Popular Categories

spot_img