From the Chronicle-Herald
City’s financial reserves falling off, council told
By MICHAEL LIGHTSTONE City Hall Reporter
Wed, Sep 15 - 4:53 AM
The municipality’s financial reserves have dwindled and many of its infrastructure components aren’t in great shape, Halifax regional council heard Tuesday.
Senior staff told councillors that city hall’s reserve total at the end of March was $97.7 million. But due to council-approved fiscal transactions that haven’t occurred yet, the balance is actually $26.5 million.
"That is about a $20.9-million decrease over last year," chief financial officer Cathie O’Toole said during a fourth-quarter financial report.
She said one of the reasons for the decrease is "there are many significant, large projects that are drawing on (Halifax Regional Municipality’s) reserves right now," such as the central library replacement in Halifax and the Mainland Common Canada Games Centre.
O’Toole acknowledged the city’s financial reserves will have to be attended to.
"Even though we were able to put $4 million into reserves at the end of the year, our reserves do need to have some additional focus," she told council.
Regarding municipal assets, council heard such essential things as bridges, Metro Transit ferries and HRM vehicles are in "fair" condition. Staff said the municipality’s fire department fleet and transit buses are in good shape.
O’Toole said an assessment of the municipality’s holdings is incomplete.
"We haven’t been able to add the reporting yet for the assets that likely have the worst infrastructure condition," she said.
Phil Townsend, city hall’s director of infrastructure and asset management, said the municipality will continue to keep a close eye on its assets over time.
"The general condition of our assets is not increasing," he said. "What we need to do is direct enough funds towards our base work so that we at least stabilize, or improve, asset condition."
In other business, Halifax council rubber-stamped a $50,000 payout to settle a legal claim against the municipality. Councillors had agreed to the amount during a closed-door session.
The unnamed victim was injured after tripping and falling on city property in Halifax in March 2005.
A confidential staff report on the settlement and the accident that prompted the lawsuit won’t be released.
Also, Coun. Tim Outhit (Bedford) presented a petition with about 210 names that calls on municipal government to focus on road safety in his district.
Those who signed the document want proper bicycle lanes in Bedford and streets that are safe for cyclists, pedestrians and motorists, the councillor said.
(
mlightstone@herald.ca)
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