Community near Sudbury is short $3M in reserve funds
Residents of Markstay-Warren, a community just east of Sudbury, were brought up to speed on their municipality’s financial situation during a special council meeting Thursday evening.
Pamela McCracken, the community’s treasurer, walked the crowd through the numbers and why there’s a discrepancy between how much money they should have -- and what they actually have.
“We’re not broke,” McCracken told the 100 people gathered for the meeting, assuring them the municipality can pay its bills.
That after an annual audit showed there should be $5.4 million in reserve funds, but there’s only $2.4 million in actual cash and investments.
“What we don’t have are the saving that we thought we had,” McCracken said.
“That doesn’t mean we’re broke. We have operating (funds). It’s just going to take us time to refill our savings accounts.”
The treasurer then went over some of the reasons for the shortfall, things like penalties, unpaid taxes, lawsuits and having to return grants. The presentation also said some reserve money was spent to pay operating expenses.
Mayor Steven Olsen said there's more than $1.5 million owed in taxes from property owners in the community. (Photo from video)
There was also a plan on how the community would move forward, including contacting more than 100 property owners currently in tax arrears.
“That was one of the big issues,” said Mayor Steven Olsen.
“There’s over $1.5 million owed in taxes. So that makes a big contribution to the difference from over $5 million to $2 million.”
Those in the audience were unhappy council did not allow for questions afterwards, but instead directed people to submit their queries online.
“How much of the reserve funds were in a bank account?” wondered resident Maurice Turcot.
“They claim that the reserves are $5 million, a little over $5 million, but we never got a true figure. Is it $2 million? Is it $3 million, is it four?”
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
The municipality plans to have a forensic audit conducted to find out exactly where money is, where it went and what the correct figures are now.
CTVNews.ca Top Stories
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Canucks claw out 5-4 comeback win over Oilers in Game 1
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.