Capital Revenue Budget Increases

A recommendation was brought forward at Monday night's Town Council meeting that the 2008 Capital Revenue and Expenditure budget for Saugeen Shores to be increased by $635,652.50.

The increase reflects additional project expenses incurred over and above the previously approved capital budget with the 2008 municipal budget scheduled for amendment on December 22nd.

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13/01/2009 04:18 PM

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There were unexpected increases in projects that will be funded through a combination of the transfer of surplus funds available. For instance, this year, the Plex had a mould problem that had to be rectified with a cost that came in at an unexpected $290,000, which included a dehumidification system. According to Lorri Sweiger of the Town Administration, "We were able to apply $32,000 toward the cost which reduced it to $258,000. This amount has been combined with overall Town project expenses incurred including a new fire rescue van for over $230,000, for an overall total of $635,652.50, which will come out of the Future Capital Projects Reserve Fund."

The net change to the Future Capital Projects Reserve will result in a reduction of $358,110 bringing the projected year-end balance to $1,411,761.

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