Auditors are calling it fantastic.
Warwick Township ended 2016 with a $1.3 million surplus. In comparison, in 2015, the township had a deficit of $39,000.
Gianni Spadafora of Collins Barrow went over the year-end financial statement with the township council Monday saying the operating surplus is “fantastic” and “very healthy.”
Mayor Todd Case says Warwick’s books are in such good shape for two reasons, a reassessment of how much tax Waste Management pays on its Twin Creek Landfill and the amount of garbage going into the site.
For years the municipality has been arguing the assessment on the site – one of the largest landfills in the province – was far too low. In 2016, the province agreed and it now pays $75,000 more a year than it was.
But the biggest factor was the amount of garbage going into the landfill. Under its host agreement, Warwick gets $3 per tonne of garbage and in 2016 there was more than expected.
While some taxpayers may worry they’re paying more property tax than necessary, Case isn’t concerned. “I don’t feel bad at having a big surplus,” he says. “The ratepayers are going to get it back anyway.”
Case says the cash goes into capital improvements, such as roads and bridges. That means Warwick can complete some much needed projects without going back to the taxpayer for more cash. “It’s a struggle enough as it is. If this helps us, that’s good,” says Case.