Petty Harbour council borrowing to cover short term cash crunch

By Mark Squibb

Petty Harbour-Maddox Cove council passed a motion earlier this month to apply for a loan to cover a temporary cash flow shortfall in the amount of $156,000.

A town spokesperson said the shortfall was not from the overall budget, but that the Town is waiting on a large 2023 GST/HST rebate and is also trying to cover operating expenses for the first two months of 2024 before the bulk of property tax payments are received.