CFO Says Gravenhurst In Strong Financial Position

CFO Says Gravenhurst In Strong Financial Position

Posted: 2021-11-29 10:21:44 By: thebay

Town of Gravenhurst Chief Financial Officer Val Sequeria says, “we are in the best position we've been in in several years.”

He made the comment during the first of several 2022 budget meetings attended by Town Council.

"Overall, the future looks positive from a financial perspective as we gradually return to business-as-usual for 2022,” he says.

The Town of Gravenhurst is looking at a 2022 operating budget of approximately $24.9 million.

Included in the draft operating budget are $9.6 million in staff salaries, $4.1 million to address long-term debt, $2.5 million for contracted services and $3.3 million in contributions to the capital reserve.

Gravenhurst Council also heard that the draft capital budget is estimated at $8.1 million for 2022. These funds will be spread across almost 70 projects, with 60% focused on town roads, bridges and storm water drainage improvements.

Sequira says, “the town has approximately 200 million in tangible capital assets including: roads, bridges, facilities, parks and trails, vehicles and equipment. It costs a lot to maintain them.”

The town is also pursuing government grants to support $1 million of local development initiatives, such as: the installation of EV charging stations, wharf revitalization, public washrooms in the downtown and a rural transit study.

An additional cost for consideration in the capital budget will be the 2022 Municipal Election.

Gravenhurst Town Council will host another budget meeting in early December.


By Jennifer Turney, for