At Monday’s meeting of Sacvkille town council treasurer Michael Beal told council that the town is ending 2021 in a good financial position, and recommended depositing just over one million dollars into the town’s reserve funds.
The town spent less than budgeted in certain areas due to staffing vacancies, the cancellation of the Fall Fair, and last minute extra funding under the federal Safe Restart program that was unbudgeted in 2021.
Council approved the transfer of $100,000 to its operating reserve, and $900,000 to its capital reserve.
The operating reserve is now sitting at about $300,000 which may be used to cover the backpay for RCMP officers as a result of their first ever contract signed with the federal government this year.
The town’s capital reserve fund will grow to $2.7 million with this year’s deposit. That money will be used for some projects already planned but not executed this year, and also the town’s portion of the Lorne Street Phase 3 project, should funding come through from the provincial and federal governments.
The town’s capital reserve fund will grow to $2.7 million with this year’s deposit. That money will be used for some projects already planned but not executed this year, and also the town’s portion of the Lorne Street Phase 3 project, should funding come through from the provincial and federal governments.
The town’s water and sewer capital reserve fund is also growing by $200,000, thanks to a $100 per user flat fee charge for severe treatment. That fee is part of a long term savings plan to help pay for upgrades to Sackville’s sewage lagoons, expected to cost about $14 million according to recent estimates. The current water and sewer reserve will increase to $740,000 with this year’s deposit. In 2022, the flat fee will go up by $20, and that increase is planned to continue for the next four years, which should put the reserve fund at $2.3 million at the end of 2026.
