East Gwillimbury – Well positioned for growth with healthy reserves and no debt

East Gwillimbury staff provided an update on financial reserves to Council at the February 8 Council Workshop. The estimated reserves of $125.3 M 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.