An annual report on the town’s finances, an update to the town’s asset management plan, a request for more funding for Celebration Square, plus more are all on council's agenda for the regular meeting set for 7 p.m. Tuesday evening in the Zima Room at the Bradford West Gwillimbury Public Library.
Audited 2023 finances
A report from auditor Baker Tilley about the Bradford audited financial statements for 2023 shows the town had a tax-levy surplus of $1.17 million from which staff recommend transferring $1.11 million to the reserve fund and $56,180 to the general fund.
After user charges, government transfers and reserve transfers, the town’s operating revenue for 2023 was $79.43 million, while the town’s expenses were $85.01 million, which should have left a shortfall of about $5.58 million, but additional revenue from capital assets, tax assessments and investment revenue provided an extra $21.29 million, leaving the town with an annual surplus of about $15.71 million.
While the town started 2023 with a cash position of $9.74 million, repayment of long-term debt saw that decrease to $6.34 million at the end of the year, and about $8.42 million of revenue went directly into reserve funds.
The town increased total reserves and reserve funds by $9.61 million to nearly $75.36 million at the end of 2023 compared with $65.74 million at the end of 2022.
In total, the town’s tangible capital assets and funds were valued at $518.18 million.
Asset management plan update
A report from Matthew Simurda, the town’s project manager or asset management, provides an update on the town’s asset management plan for non-core assets in accordance with the provincial Infrastructure for Jobs and Prosperity Act.
Unlike core assets, which include roads, bridges, water, sewer and stormwater infrastructure, non-core assets include facilities, parks, vehicles and equipment.
The plan describes the characteristics and condition of the infrastructure, as well as what is expected from them, for how long they are expected to last, and what is needed for them to be maintained.
As of 2023, the town had 255 assets in a category ranging from small equipment to heavy-duty vehicles with an average age of five to 16 years and an estimated replacement cost of $34.5 million.
On average those assets were estimated to have about 45 per cent of their useful life remaining.
According to the report, 100 per cent of maintenance inspections were completed in 2023, with 97 per cent of assets in fair or better condition.
The report lists the town as having 35 facilities with an average age of 22 and an estimated replacement cost of $225.2 million including:
- community centres — six
- emergency services — two
- municipal buildings — three
- operations facilities — 11
- sports facilities — two
- other facilities — 11
The condition was not included for facilities because the town has not completed facility condition assessments in recent years, but the average annual life-cycle costs are estimated to be $4.73 million.
According to the report, the town’s 27 parks include 535 assets with an average age of 10 and an estimated replacement cost of $34.88 million including:
- ball diamonds — eight
- outdoor lighting — 109
- playgrounds — 45
- skateboard parks — three
- splash pads — five
- sports courts — 20
- sports fields — 16
- other — 329
On average, those assets were estimated to have about 55 per cent of their useful life remaining, and the average annual life-cycle costs are estimated to be $1.59 million.
The update comes just two weeks after Ian Goodfellow, the town’s finance director and treasurer, explained Bradford has made “a great amount of progress” and is “doing a very good job” of investing funds to cover the eventual replacement cost of town assets.
Celebration Square needs an extra $370K
A report from community services director Terry Foran is requesting council authorize an additional $305,000 in construction costs to fund the creation of Celebration Square and to award the base tender to the selected vendor, Hawkins Contracting.
During the 2024 budget deliberations, council approved $2.9 million for the project that aims to take the roughly 6,000-square-metre open lawn directly to the west of the Bradford West Gwillimbury Public Library and transform it into a permanent public square and event space including:
- covering the lawn with brushed concrete
- an open central area
- an event stage
- scored concrete walkways
- year-round seating
- additional tree plantings
- additional gardens
However, the lowest bid from Hawkins came in at about $2.99 million after sales tax, and in addition to design, consulting and other fees, the cost is expected to be $3.21 million according to the report.
On top of that, Foran is also asking council to approve another $65,000 in additional funding, including $30,000 to add wooden cladding on top of concrete seating walls and $35,000 to add four permanently installed tables with chairs and umbrellas, all composed of durable metal and synthetics.
Altogether, the new total project cost is expected to be $3.27 million, and in order to pay for the $370,000 difference, Foran is asking council to approve $333,000 from municipal development charge reserves and $37,000 from the capital expenditures reserves.