Norwich ended 2024 with $700K surplus

Luke Edwards, Post Contributor

The more than $700,000 surplus Norwich Township realized in 2024 will be put into various reserve funds.

A report to councillors at the June 24 meeting outlined staff’s plans for the money. They include $250,000 to the gravel conversion reserve to help offset costs to repair Curries Road, $150,000 to the fire vehicle reserve mostly to pay for two trucks that are coming in 2025, $100,000 to the road equipment reserve to mitigate the increasing costs of large equipment, and $100,000 each to the bridge and road construction reserves for future projects.

Another $52,000 is planned to go into the contingency reserve, however that may end up being less. Staff said the results presented are unaudited and there were some discrepancies that needed to be ironed out.

Interest rates that remained higher than expected was the main push for the surplus, treasurer James Johnson said.

The township also did a good job adhering to the budget, he added.

“We’re actually under budget by less than one per cent, so I don’t think we could have done a better job if we tried,” he said.