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Wednesday, August 14, 2019

Kincardine's 2018 Investments Results Released

Kincardine | by John Divinski  

Just over $124,000 in interest revenue was generated last year

Kincardine councillors have been given a report on how the municipality did with its investments in 2018.

Kincardine treasurer Roxana Bauman says the municipality's investments held at the end of 2018 amounted to almost 5-million-dollars, up slightly from 2017.

However the interest rate of 2.51% in 2018 was slightly less than the 2.69% recorded in 2017.

Just over $124,000 in interest revenue was generated last year.

The decrease in the average rate of return is primarily due to the maturity of high interest investments.

However Bauman says considering the economic climate of the market, the return on investment was in the "anticipated range."

Also there were dividend returns from Westario Power and Bruce Telecom last year.

Bauman says "We also did receive a dividend distribution of around $60,000 from Westario Power as well as our dividend distribution from Bruce Telecom in the amount of $500,000 last year and that was put towards several capital projects."

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