For the next 10 years, Mulmur will focus on building its reserves to fund future projects.
The 2014 operating budget of $4,909,846, is up from $4,432,846 last year. It includes $320,000 left over from 2013, which Treasurer Heather Boston will set aside to increase reserve funds for repairing and replacing roads and bridges.
“We need to plan for the future and focus on long-term planning,” said Boston. “We need to carry money into the next year and move it into reserves for bridges, road and equipment. Right now, there is just not enough. One bridge costs $1 million. We need new reserves.”
To that end, Boston has created a 10-year plan for Mulmur in keeping with the province’s requirements for municipalities to have a detailed asset management plan that projects replacement and repair costs for roads, bridges and water.
“I’m hoping to have enough that at the end of 10 years we are ‘even Steven’. We will have saved enough to pay for everything we need to do – and might have extra,” Boston said.
Boston added that Mulmur will not decrease any service levels this year such as road plowing or gravel, and the Township does not plan to purchase any new major equipment.
For homeowners, the budget includes a $29 increase per $100,000 of residential property assessment, Boston said. For example, if your house is assessed at $300,000, the increase would be $87.
Four main factors contributed to this rise including a $61,000 decrease in provincial funding to the Township and a $51,000 increase in OPP costs. The Township is also budgeting $25,000 for the municipal election in the fall and $70,000 for legal costs (including Deputy Mayor Rhonda Campbell-Moon’s lawsuit against Council, a zoning by-law appeal and a zoning by-law infraction).
After two Public Meetings and four drafts, Council is on track to approve the new budget on Wednesday, March 5.
This is the first budget for Boston, who started working with the Township last October.