Surplus goes to yet to be approved Y project

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Petrolia ended 2021 with a $122,000 surplus.

That’s according to new financial statements from the town’s auditor presented to council Monday night.

Normally, a surplus at the end of a budget year would go into the budget stabilization reserve according to Rick Charlebois, CAO, in a report to council.

“There is already an appropriate amount in that reserve, about $130,000. Therefore, staff recommends that council transfer the operating surplus of $122,000 into Working Capital Reserve to help fund our Canada Community Revitalization Fund grant of $700,000 which will enhance our community centre and the outdoor amenities,” he wrote.

Council agreed.

While a grant has been received for that vitalization work and some of the land has been moved around to the north of the Petrolia Y, council has yet to approve a final plan for the work which is expected to cost $932,000. The federal and provincial government provided a $700,000 grant – which town staff applied for without specific approval from council. The town will have to provide $233,000 toward the project.

The project has been deemed “a fitness and wellness hub” and according to a report from staff to council includes building a wellness studio, new washrooms, sports courts, and soccer pitches as well as landscaping the gardens at the Petrolia Y.

It’s still not clear when the plan will come to council for approval.