Meaford is transferring its 2022 year end surplus funds into various reserves and to pay for projects.
During a meeting on May 15, council received a report from Director of Financial Services and Treasurer Valerie Manning.
“Most of the surplus is from operating projects not undertaken, salary gapping, larger return on investments, omits, and supplements,” says the report.
It recommended transferring $180,000 to the Bridge and Culvert Reserve Fund, $16,000 to the Library Reserve Fund, and $50,000 to the Capital ITFD Reserve Fund.
Additionally, using $187,000 from the 2022 operating surplus to fund an emergency repair to a grader this year, transfer $230,000 to the Tax Rate Stabilization Reserve, transfer $98,000 to offset 2023 capital projects funded from reserves, and transfer the balance of the 2022 operating surplus to the Information Technology Reserve to implement future software needs.
The report says the 2022 operating surplus after the end of year transfer is estimated at almost $711,000.