Prince Edward County is preparing to spend some money on parkland.
During Thursday’s Committee of the Whole meeting, the committee received a report detailing the status of parkland reserve funds.
The funds in this reserve were collected from developers in lieu of them including parkland in new subdivision developments, and are intended for the municipality to use in creating public park spaces. There is currently $872,696 in the fund.
Funds collected are planned to be used in the same ward where the funds were collected.
Due to a change introduced in the More Homes Built Faster act, the municipality is required to spend or commit at least 60% of all funds collected in lieu of parkland within a year of receiving them. The county has earmarked 65% of the funds for use in 2026 in order to construct new parkland to meet this requirement.
The committee received the report and directed staff to bring proposals to use the funds forward to future budget discussions.
