The Municipality of Grey Highlands ended the 2023 financial year with a deficit of just over $30,000.
Grey Highlands council received the updated deficit figure at its meeting on Aug. 7 and the final number was a significant improvement on the $100,000 budget deficit staff had projected in April.
At the meeting, council received the audit report from BDO auditor Angela Nichol and also received the year-end budget update from Treasurer Anna McCarthy.
In her presentation, Nichol delivered a clean audit report for Grey Highlands.
“We did not find any deficiencies,” she said.
In her report, McCarthy explained that the reduced budget deficit was caused by two key factors: revenues from supplemental taxation exceeded expenses for tax write-offs by more than $86,000. Additionally, a reserve transfer of $98,000 to cover the cost of the Pedestrian Safety and Road Needs Study was recorded during the year-end adjustments, which reduced operating expenses.
Council agreed with McCarthy’s recommendation to fund the slight operating deficit from the municipality’s working capital reserve.
“Congratulations to our treasurer and her staff on a successful and clean audit,” said coun. and finance committee chair Tom Allwood.
