Grey County’s budget in 2022 finished with a surplus.
At its meeting on March 23, county council received a report from staff stating that the 2022 fiscal year for the county ended with a surplus of $1,589,100. The report detailed the breakdown of the surplus, money being transferred to reserve and a plan to use some to pay down debt.
The corporate services department recorded a surplus of $616,000, planning and community development finished $95,300 in the black and human services had a surplus of $982,100. The only department to see a year-end deficit was transportation and public safety, which finished with a slight deficit of $104,300. That deficit was attributed mostly to rising fuel costs.
Most of the surplus will be transferred into reserves for future needs or to fund projects that were not completed in 2022. Staff also plan to use $599,500 of the surplus to pay down an unfinanced debt that is on the county’s books.
In 2018, the county purchased the Golden Town housing complexes in Meaford. In 2021, the county used its own funds to retire the remaining Golden Town mortgage of $2,034,611. The plan was to self-finance the elimination of that debt over time. County staff will use the $599,500 to reduce that outstanding amount.
The news of a 2022 surplus was received by county council with no comment.
Later in the meeting, Owen Sound Mayor Ian Boddy pointed out that the surplus was approximately 2.4 per cent of the county’s tax levy. Boddy said generally any surplus or deficit should be within 2.8 per cent of the budget.
“Whenever you do that, it’s pretty good,” he noted.
