An annual building report for Meaford shows the municipality fell short in revenue last year.
Council will be reviewing the annual report this week which details building permit fees collected in 2023.
Last year, municipal Building Services collected almost $485,000, contributing to a total revenue of $638,580. This was offset by close to $510,000 in expenses, including building department wages, supplies, vehicle expenses, and advertising.
A report from Acting Director of Development Bart Toby says, “In 2023, Meaford Building Services experienced significantly higher inflation in operating costs. These increased expenses are not just limited to insurance costs, but overall rise in operating costs. While at the same time revenue did not meet expectations causing a short fall.”
The Building Service’s department needed to draw on over $153,000 from its reserves, resulting in a deficit, and leaving the reserve at over $21,000.
“In 2024 Building Service has seen a significant rise in permit activity and revenue collected,” says the report.
Council will be reviewing this report during its meeting on July 8 at 1 p.m.
