The Town of Caledon has a $2 million surplus.
The announcement was made in a press release and the town credits “efficient operation delivering taxpayers with more value than ever before without compromising service.”
In 2023 the town projected it would save $1 million a year but for several reasons that prediction doubled. “Process improvements, including the implementation of emerging financial management techniques and innovations in program delivery, have found efficiencies that put the town in a strong position as it readies for significant future growth,” added the release.
“The credit for this surplus belongs to staff, who rose to the challenge of finding new, more effective ways of meeting the needs of our community with the resources given to us in the council-approved budget,” said Nathan Hyde, Chief Administrative Officer who joined Caledon last year. “It has been a year of innovation and growth to prioritize what matters for our community, and I am confident we have the best team to deliver the result.”
The town plans to reinvest the savings into reserves to strengthen its overall financial state. The funds will be dedicated to both capital and operating contingencies, which help pay for unanticipated costs like emergency bridge repairs or increased fuel costs. Some of the money also will be set aside in a reserve for tax stabilization.
“The achievement not only highlights our financial stability but also reflects the town’s commitment to transparency and accountability,” said Mayor Annette Groves. “We are focused on building a brighter future for our growing community, and this surplus positions us well for ongoing investments.”
