South Dundas had a $623,515 surplus in 2012, and at the September 3, council meeting the treasurer recommended that the surplus be used to offset some of the cost of the ongoing South Dundas Municipal Centre project.
Immediately upon hearing the potential savings associated supporting the treasurer’s recommendation, council unanimously agreed to the allocation.
“Three hundred and four thousand dollars worth of interest would be saved over 20 years by using the surplus,” South Dundas treasurer Shannon Geraghty told council at the September 3 meeting.
“Well then, that’s the best place to use it,” said South Dundas councillor Archie Mellan. “Especially when you have a long-term investment in the South Dundas Municipal Centre.”
By using the surplus to offset SDMC costs, it would mean that South Dundas would only have to borrow $3.6 million, rather than the $4.4 million that they had originally planned.
“It really makes a significant difference,” added South Dundas councillor Evonne Delegarde.
South Dundas mayor Steven Byvelds acknowledged that this surplus resulted from prudent budgeting, and that it would also be prudent to use these funds as an opportunity to save some dollars.