Loyalist Township’s proposed 2024 operating budget includes over $62 million in new projects, as well as over $11 in carryforward projects from 2023. It’s an increase of $53.1 million from the 2023 budget, and includes the W.J. Henderson renewal project and its associated funding.
This budget will require the withdrawal of over $1.3 million from reserve funds for operational expenses. Outside of property taxes and transfers from reserves, other revenue sources such as grants, third party agreements, user fees and charges, administrative recoveries, and proceeds from land sales will provide contributions to the budget.
According to staff, both reserve funds will be heavily depleted, although they have internally imposed targets that need to be met in future years. A report will be presented to council later in 2024 to outline a
long-term financial plan and any proposed changes to meet these targets.
