Town of East Gwillimbury heralds zero debt, $125M in reserve funds

'As Canada’s fastest growing municipality, a strong financial position is critical,” says Mayor Virginia Hackson

Bradfordtoday.ca
Feb. 14, 2022

East Gwillimbury staff provided an update on financial reserves to council at the Feb. 8 council workshop. The estimated reserves of $125.3 million and no debt reflect the town’s solid financial status.

Reserves are replenished through planned contributions, the allocation of revenue surpluses each year, as well as development charges collected from new development. East Gwillimbury staff analyze short and long-term asset replacement costs and requirements, as well as future needs to support the town’s growth. This analysis contributes to how the municipality allocates funds to the reserves and to decisions about how the reserves are invested.

“As Canada’s fastest growing municipality, a strong financial position is critical,” said Mayor Virginia Hackson. “The combination of zero debt and healthy reserves enables us to take care of the roads, buildings, parks and underground infrastructure we all depend on and need for future growth. It’s the responsible thing to do.”

Some of the major projects for which reserve dollars are being used in 2022 include construction costs for the East Townline Bridge, planning and design work for the Health and Active Living Plaza, the construction of new parks and road and sidewalk rehabilitation.