Prince Edward County has an operating surplus for the year of 2020.
Council heard on Tuesday night from the Manager of Finance and Deputy Treasurer Ann Wood there is an operating surplus of almost $2.2 million.
The 2020 fiscal year was impacted and influenced greatly by the COVID-19 pandemic. Funding from the province in the amount of $1,676,500 received under the Safe Restart program helped fund the unbudgeted expenditures incurred during the pandemic as well as replacing lost revenues.
Other unbudgeted revenues received in 2020 and contributing to the surplus are a rebate from Hydro One for retrofit of streetlights of $104,700, revenues from a development agreement of $169,200, proceeds from long term debt for the hospital construction grant of $2,300,000 and unbudgeted transfers from Reserves and Reserve Funds for Insurance claims and deductibles of $564,200.
The operating surplus of $2,177,335 will be transferred to the Tax Rate Stabilization Reserve, with $500,000 of that to be moved to a reserve for winter control pending approval from the Director of Finance, and will be discussed as part of the 2022 budget deliberations.
