Recently on download

Deputy Mayor Don Allen

For Springwater residents: Our Deputy Mayor has taken extraordinary time to outline the township’s financials. An informative read. Thanks Deputy Mayor Don Allen!

Deputy Mayor Don Allen Deputy Mayor Don Allen Deputy Don’s Update 18-5-17 as reported in Springwater News This week I wanted to review my thoughts on the somewhat dry but important financial results for Springwater for the 2016 fiscal year. Springwater Year End December 31, 2016 Financial Results The external financial auditors for the Township, Collins Barrow LLP, finished the Springwater year end December 31, 2016 audit and the financial statements are being reviewed by Council this week. The Finance and Audit Committee met with the audit partner and Director of Finance Jeff Schmidt recently to review these and make recommendations to Council and a summary of the results for 2016 follows. The tax supported revenues were $1.15M (million) over plan in 2016, with a large portion of this coming from a significant increase in building fees. Other contributing factors included higher than budgeted user fees/charges, rental revenue, grants and contributions and investment and interest income. Against these revenues, tax supported expenditures were $352K (thousand) under budget, due to salaries and benefits savings from delays in certain positions being filled and fuel, vehicle, general operating and contractual services/consultants efficiencies and savings. This also includes an over budget expenditure in legal fees of $312K, which has been discussed in previous articles. This resulted in a Township 2016 tax based operating surplus, representing the excess of operating revenues over expenditures, of $443,265, excluding municipal drains and community halls. Staff recommended that this 2016 tax based operating surplus be allocated $150,000 to the Planning Reserve and $293,265 to the Tax Rate Stabilization Reserve. Allocating part to planning will help absorb additional costs, as the larger volume of building applications moves through the planning process. Allocating to the Tax Rate Stabilization Reserve will assist in smoothing potential tax increases in future years. I agree with this recommendation that the proposed allocation to these reserves is financially prudent. For your information, the tax based operating surplus for the 2015 fiscal year was $258,568, and it was approved that $100,000 of this went to the Tax Rate Stabilization Reserve and $158,568 went to the Capital Infrastructure Reserve for future infrastructure repair/replacement needs. The 2016 Water Operating Budget had a surplus of $141,329, which has been transferred to the water reserve fund to assist with offsetting future operating and capital expenditures specific to water. The 2016 Wastewater Operating Budget had a deficit of $284,000, whereas the 2016 approved budget contemplated a $569,000 deficit. The main reason for the deficit being half of what was originally planned is mainly due to a significant increase in revenues due to new development in Stonemanor and Snow Valley. Gross expenditures for the 2016 Capital Budget were $6.57 million. The actual expenditures incurred amounted to $4.5 million or 70% of budget. The majority of the unspent funds were attributable to projects being either deferred, not requiring replacement in 2016 (due to further inspection) and/or due to budgeted savings. The long term debt for the Township reduced to $6M from $6.5M in 2015. Related interest expense for this also decreased in 2016. A further $1.16M is planned to be paid off in fiscal 2017. The Township of Springwater has several Reserves and Reserve Funds. A Reserve is an allocation of Township surpluses set aside for specific purposes. An example of a Reserve is the Public Works reserve where Council annually budgets funds for future capital replacements. A Reserve Fund can be either Obligatory or Discretionary. Reserve Funds. Obligatory Reserve Funds are required by various legislation, such as Development Charge funds which are mandated to be set aside in a Reserve Fund by the Development Charge Act. Discretionary Reserve Funds are set up at Council’s discretion. Transfers are made to and from the reserves and reserve funds throughout the year by the Director of Finance. The majority of the transfers are related to items approved in the operating and capital budgets. Other transfers are approved through specific resolutions of Council arising from items that are reported on throughout the year. During 2016, transfers to reserves and reserve funds totaled $8.4M; whereas capital and operating expenditures funded by reserves and reserve funds totaled $5.2M. The 2016 year end balance in the Township’s reserves and reserve funds equated to $27.5M compared to $24.4M at the end of 2015. Development Charges are one-time fees collected on new residential and non-residential construction to finance a portion of the capital infrastructure requirements associated with growth. The fees are collected at the time of building permit issuance. The growth-related spending is approved annually as part of the Township’s capital budgeting process. During 2016, Development Charge (DC) collections totaled $3.4M and capital expenditures funded by DCs totaled $986K. Three of the DC reserve funds have unfunded balances as of December 31, 2016. The General Government DC has an unfunded balance in the amount of $66,493. This is due to the Long Range Financial Plan and is being temporarily funded from the working reserve fund. The Public Works – Roads & Related DC has an unfunded balance of $662,968. This is due to the Mill Street East, Phase 2 project. This balance will be repaid via future DC collections. The Midhurst Secondary Plan Area Specific DC is unfunded in the amount of $92,064. This is due to previous studies conducted for the Midhurst Secondary Plan. This balance is being temporarily funded by the Planning Reserve. Therefore, the activity and build-up of these DC reserve funds represents normal healthy growth. The Finance and Audit Committee and Council reviewed comparative analysis of selected financial measures of Springwater to other comparable townships, towns and cities. Springwater’s, taxes, debt, reserves and reserve funds compare favourably in this review. Finance and Audit Committee considered whether the Township should go to tender for the selection of external auditors for the next five-year period. After discussions with Staff and a review of what County Simcoe and other municipalities have done regarding current auditors, it is recommended by the Committee to Council that Collins Barrow LLP remain as external auditors for the Township for the period 2017 to 2021. The Committee and I commend Director Schmidt and staff at the Township for their hard work and dedication which continues to result in the positive financial and operating results in Springwater, as occurred in 2016. Email me at info@donallen.ca and Twitter @deputydonallen and Facebook DeputyMayorDonAllen

2 likes, 0 comments ⋅ 6 days ago

Don’t miss our special deputation TONIGHT (Wednesday) at Springwater Council. Meeting starts at 6:30 pm. Feel free to leave after deputations (around 7:30). We need to show council we care about our community’s future. Don’t miss it and bring a friend!

0 likes, 0 comments ⋅ 1 week ago

Canadian Seniors Live In Suburbs, And That's A Big Problem: Report

“It is fair to say that our current suburbs are no place to grow old,” So it is for the MSP – a car dependent, sprawling development that doesn’t serve our aging population and definitely not our existing residents. Let’s stop this madness.

Canadian Seniors Live In Suburbs, And That's A Big Problem: Report Canadian Seniors Live In Suburbs, And That's A Big Problem: Report huffingtonpost.ca "Decades-old car-dependent suburban sprawl" is leaving older people isolated.

4 likes, 1 comments ⋅ 1 week ago

In the News

  • Margaret Atwood event coverage CTV Toronto

    We made it to Toronto news too! Thanks to CTV Toronto and The Globe and Mail for their coverage.

    Click here to view the clip.

  • Margaret Atwood event coverage Barrie Advance

    Thanks to the Barrie Advance and Laurie Watt for their coverage yesterday.

    Click here to read the article.

  • Margaret Atwood event coverage CTV Barrie

    CTV Barrie captures the day and Margaret Atwood’s challenge to our premier to make good on her promise to save wetlands.

    Click here to see the clip.

  • We were pleased that Mike Schreiner, leader of the Green Party, included the Midhurst plan in his platform as an example of egregious loopholes and special deals that need to stop. We’re mentioned just after the 4:00 mark. Now, when will other leaders agree??  Click here to see the clip.
  • Thanks to everyone that made it out. Unfortunately, CTV and Examiner didn’t get to the meat of what Mr. Schreiner or the MRA said. Not to worry, though, we will be heard. Click here for the article.
  • Our letter to Kathleen Wynne regarding the current OMB process that has residents sitting on the sidelines because we can’t afford the $20k+ it would take to build a case. Why are communities only given the justice they can afford?? Click here for the article.
  • Our watershed is in rough shape. It can’t sustain the growth we have planned for it. Listen to the podcast of some of our experts discuss this important issue. Thanks to Beach Booster Radio for this opportunity. Click here for the podcast.
  • Did you see our coverage on Global National? We insist that our legacy shouldn’t be destroying a rural community, its farmland and an international wetland to manufacture a city to profit a few. Share widely!! Click here for the clip.