The Town of Princeton has allocated more than $1.1 million into its reserve funds.
At the regular meeting of council on March 19, the town discussed the transfer of funds, which must be completed before the financial statements for the fiscal year-end can be finalized. The allocation is also in accordance with the 2024-2028 Town of Princeton Five-Year Financial Plan and the Community Charter.
Council authorized the expenditure of $1,114,259.17 in reserve funds, with $953,284.79 in consolidated cash surplus, $146,667.62 in the growing communities fund, $13,509.07 in the future amenity reserve and $797.69 in the industrial park reserve.
Council also reserved $1,142,038.20 in the following reserve funds for the 2024 fiscal year:
- Sewer Reserve: $152,171.07
- Water Reserve: $81,414.91
- Indigenous Engagement Fund: $41,367.19
- Land Sales Reserve: $3,833.36
- Parkland Reserve: $3,676.84
- Fire Equipment Capital - RDOS: $1,703.84
- Fire Department Equipment Reserve: $257,400.64
- PXA Ground Reserve: $1,006.20
- Landfill Closure Reserve: $11,351.30
- Paving Reserve: $142,216.76
- Capital Works Reserve: $19,107.10 I
- infrastructure Reserve: $30,849.68
- Water & Sewer Project Reserve: $198,003.23
- Climate Action Reserve Fund: $197,936.08
Reserve funds that are reserved for capital purposes can only be used for capital purposes, whereas funds for operational purposes may be used for either a capital purpose or an operational function.
Although the council can allocate reserves as they see fit, most transfers are governed by previous resolutions, the financial plan or the statute.
