OUTLOOK - A report made available to the public by the Town of Outlook is showing the direction in which the riverside community is headed.
The 2023-2024 annual report, presented on September 4, included messages from both Mayor Maureen Weiterman and Chief Administrative Officer Kevin Trew, but it also provided finite numbers data such as revenues and expenditures, courtesy of Assistant CAO Rachel Sillers.
Taking a look at the financial picture in the audit summary of the 2023 year, it was said that revenues increased by 28% over the previous year largely due to the on-going capital investments in infrastructure that are partially funded by grants from both the provincial and federal governments. Projects included the upgrades to Outlook's water treatment plant, as well as the landfill decommissioning (now completed), both of which were funded through the Investing in Canada Infrastructure Program (ICIP). In addition to increases in grants, 2023 also saw increases in land sales, investment income, and other miscellaneous revenues.
The Town closed the 2023 year with a surplus of $2,268,832; however, $1,748,128 of that amount was tied to capital expenditures for infrastructure projects. The Town's accumulated surplus at the end of 2023 was $25,212,556, an increase of roughly $2.2 million from the end of 2022.
Looking at expenditures, for the fourth year in a row, the Town was able to hold municipal tax rates for all properties and not have to increase them, despite continuing to operate in a somewhat difficult economy.
The Town secured a debenture loan at the end of 2023 for the Highway Sewer Rehabilitation Project from the provincial government in the amount of $4 million on a 30-year term. As well, during that same timeframe at the end of last year, the Town had long-term debt in the amount of $5,506,927 over three different loans.
The full annual report, available from the Town of Outlook, also includes updates on where things are headed with public works and community development.
