By Cecilia Nasmith
The Marina Reserve Fund is in very sad shape, Cobourg council heard at this week's committee-of-the-whole meeting.
The news came during a discussion of the over-budget cost of the high-efficiency water-tank replacement at the Cobourg Marina. The overrun on the $69,633.20-plus-HST cost will be covered by cancelling the planned purchase of new washers and dryers at the Marina (since the laundromat won't be opened this year because of COVID-19), plus a few thousand dollars out of the Marina Reserve.
Councillor Emily Chorley explained that several recent Marina projects had run overbudget to the tune of a collective $30,000, and asked Treasurer Ian Davey about the state of the reserves.
That fund stood at almost $500,000 at the end of 2019, Davey said, but a dock-expansion project took most of it.
The Marina finished last season at a deficit because of reduced activity and, by the beginning of 2021, the reserve had sunk to $100,000.
Councillor Chorley said this should be on the agenda at council's next quarterly financial update.
