File photo of Smiths Falls CAO Malcom Morris
Smiths Falls CAO Malcom Morris provided an update to council about where their reserves sat at the end of 2022.
It’s an annual report of the previous year that council hears towards the end of the existing one as they look ahead to the next budget.
As a collective, the town’s reserves grew from $5.5 million to $7.2 million.
But Morris says the tax reserves are very low.
He adds this should be an area of focus for 2024.
The town committed $18.5 million in capital funding this year.
In addition, water-supported reserves were $87,635 in 2022 when the town’s goal was $542,000.
Morris says fluctuation is the natural order of reserves, but their focus in 2024 budget discussions should be beefing up that funding once again.
Story by Grant Deme
