Expenses are expected to increase overall for the Town of Stratford largely due to growth and inflation, according to its recently released draft budget for 2023-24.
Coun. Ron Dowling, chair of the finance and technology committee for the Town of Stratford, says while growth can be seen as a financial positive by many, in the short term, it can strain the town's budget and resources. Screen capture - Town of Stratford livestreamSTRATFORD, P.E.I. —
In the draft budget, expenses are up across the board, with an expected cost of $9,696,300 for 2023-24 over the budgeted $8.4 million for 2022-23. The actual spending for last year was around a million less at $7.4 million.The biggest item for expenses is expected to be infrastructure, which sits at $1.7 million for the year, up from the $1.2 million budgeted for 2022.
- SaltWire Network file A digital copy of the draft budget, as well as the video of the presentation of the budget and the online survey, can beOn the revenue side, the town is expecting $9,696,600 for the year, a million more than last year’s expected revenue, leaving the town with a surplus of $300. However, that surplus is topped off with a positive depreciation value of $960,000, leaving the surplus at $442,100 after a principal payment to the town’s debt.
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