Manitoba's new NDP government might push back a promise to freeze hydroelectric rates for one year. New numbers from Crown-owned Manitoba Hydro show the utility is now expecting a net loss this year instead of the profit it predicted in the spring. The utility blames, in part, dry summer conditions and lower levels of power-generating water. Finance Minister Adrien Sala says the government still intends to temporarily freeze hydroelectric rates, but it might happen later than had been promised during the election campaign.
Minister satisfied with Village of Baddeck's progress in sorting out finances
The village commission has recently increased sewer rates, raised taxes and taken steps to collect outstanding revenues and pay outstanding invoices. It has also interviewed a candidate to replace Hudson, who retired as chief administrative officer with Victoria County years ago and only agreed to help out during the transition, and will now make that person an offer, Hudson said. Assuming it is accepted, the candidate will have to give their current employer notice before the position can be filled. While that is going on, the village's accounting firm will be putting together a "compilation agreement" that will provide the village with a "best guess" of the finances for the two missing years, Hudson said.The accountants will also be finishing off financial statements for the last two years, Hudson said. With that done, the village will apply to the Nova Scotia Utility and Review Board for increased water rates to cover a mounting deficit in the water account.
Ottawa's new mayor heads to Queen's Park Tuesday to talk money, housing bill
A week after he is sworn in, Mayor Mark Sutcliffe will meet with Premier Doug Ford and Municipal Affairs and Housing Minister Steve Clark Tuesday at Queen's Park. They will have no shortage of issues to discuss. In a memo to council members sent Thursday afternoon, the mayor said he plans to talk about "ongoing pandemic-related pressures — including reduced transit ridership, the Social Services Relief Fund, and the need for recovery assistance resulting from the May 2022 derecho [storm]."
Halifax Water gets approval to raise rates 7.2 per cent
The Nova Scotia Utilities and Review Board has approved rate increases for Halifax Water totalling 7.2 per cent, the first increase in water rates since 2016. A release from the municipally owned utility on Monday said the board had issued a decision that will see water rates for the average residential customer increase by 3.6 per cent in December 2022 and 3.6 per cent in April 2023.
Hydro 'windfall' helps Manitoba shrink deficit by $346M, to less than half of spring projection
The unpredictable fluctuations of Manitoba Hydro's finances was a drain on Manitoba's books last year — but now appears to be benefiting the province to the tune of hundreds of millions of dollars. The government's finance officials are now projecting Hydro's revenues at the end of the fiscal year will jump from the initial $120 million forecast to an estimated $585 million, which it attributes to higher water levels and increased export prices.
Drought lowers river levels to the point where Manitoba Hydro expects $200M deficit
The extreme drought across the Canadian Prairies over the past year is expected to leave Manitoba Hydro with a deficit in the $200-million range for the current fiscal year. The Crown corporation disclosed low river levels will deprive the utility of about $400 million in export revenue over the coming months. This will leave Manitoba Hydro with a deficit between $190 million and $200 million for the 2021-22 fiscal year, the corporation disclosed after publishing its second-quarter financial report.