Cobourg closes in on final budget
Cobourg Deputy Mayor John Henderson
The Town of Cobourg hopes to release the draft 2017 budget Jan. 16, council heard Monday night.
Jan. 24 will be set aside as a special council session to begin at 9:30 a.m., Deputy Mayor John Henderson also announced.
“We will, in fact, deal with the entire budget, both operating and capital, and municipal grants,” Henderson said.
The plan is for the budget, in whatever form that emerges from that session, will go back to council Jan. 30 and that it will be passed.
Other council business included the passage of a bylaw to authorize the town to borrow from time to time as needed, though Councillor Forrest Rowden wants the community to know that, in actuality, this is rarely done.
Treasurer Ian Davey agreed, but maintains that having the potential to do so is important.
The bylaw authorizes a line of credit of up to $6-million in case funds are needed at a time when they are not available, Davey said.
“In recent years we have not had to use that, but we need to have it available in the event it is needed.”
Henderson said that, for probably six years, the bylaw had been a legislative safeguard that turned out not to be required.