Huntsville Council considers options in paying back $3-million to cash reserves
More details on Huntsville’s unfunded $3-million deficit have been released. Manager of Finance and Treasurer Julia Finch presented to council at general committee on Wednesday, April 29, a detailed report on the deficit, which stemmed from capital projects in 2009 and 2010. Projects include the Summit Centre, the Waterloo University building, Hanes Road and the Port Sydney Fire Hall.
Finch says the shortfall was presented to council in 2011, but they didn’t go forward with a plan to finance those funds. Council will now look at six options in paying this money back into the town’s cash reserves, which can include raising your taxes. If council decided to go that route, your taxes would go up $17 each year for the next four years.
Click TREA-2015-11 Unfunded Capital to read the full report.