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Surplus to pay down debt in Essa

Posted February 6, 2018

Audited financial statements for Essa show the Township ended 2016 with a surplus of $1,194,728.

The report to council notes the surplus was due to "tax revenues being higher than budgeted, supplementary assessments were higher as well and write offs were much lower than budgeted. Other revenues were also higher than budgeted such as, penalty and interest, bank interest, entrance permits other licenses and planning fees."

Essa's auditing firm, Collins Barrow Kawarthas, is recommending council allocate the surplus as follows: $500,000 for working funds; $414,846 to cover the Nottawasaga River erosion control deficit so no further amounts need to be borrowed from the water and sewer reserves; and the balance of $279,882 to pay down the loan to the water and sewer reserve reducing future interest costs.

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All stories, unless otherwise noted,
by Tony Veltri

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