Community near Sudbury is short $3M in reserve funds
CTV
Residents of Markstay-Warren, a community just east of Sudbury, were brought up to speed on their municipality’s financial situation during a special council meeting Thursday evening.
Residents of Markstay-Warren, a community just east of Sudbury, were brought up to speed on their municipality’s financial situation during a special council meeting Thursday evening.
Pamela McCracken, the community’s treasurer, walked the crowd through the numbers and why there’s a discrepancy between how much money they should have -- and what they actually have.
“We’re not broke,” McCracken told the 100 people gathered for the meeting, assuring them the municipality can pay its bills.
That after an annual audit showed there should be $5.4 million in reserve funds, but there’s only $2.4 million in actual cash and investments.
“What we don’t have are the saving that we thought we had,” McCracken said.
“That doesn’t mean we’re broke. We have operating (funds). It’s just going to take us time to refill our savings accounts.”
The treasurer then went over some of the reasons for the shortfall, things like penalties, unpaid taxes, lawsuits and having to return grants. The presentation also said some reserve money was spent to pay operating expenses.
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