Surplus of $36,895 moved into growing reserves
PARRSBORO – The Town of Parrsboro finished its year with a $36,895 surplus, and now has nearly $1 million in healthy reserve funds.
The glowing report was delivered by auditor George Jorgensen during council’s monthly session on Tuesday evening, and was well received by council and Mayor Lois Smith, who gave the credit to the experienced town hall staff.
“It’s nice to not be in debt, folks,” Smith told the councilors. “We don’t have to pay interest on things, and we still have the services. Thanks also to council… we take the hits publicly, but we do work well with our staff.”
The town ended its fiscal year on March 31 with revenues of $2,314,888, exceeding the budgeted amount by 8.7 per cent, $138,068 of which was transferred from reserves. Expenditures totaled $2,277,993, seven per cent higher than budgeted.
The Parrsboro water utility ended its year with a slight deficit of $1,661.
The town’s reserve funds saw a net gain of $53,241 thanks to gas tax revenue, interest earned and a transfer from the general operating fund, even though $163,068 was used to fund capital purchases.
“The town is in good financial shape, with zero capital debt after capital expenditures, and it still has $985,000 in reserve funds,” said Jorgensen. “This is great planning and management by council for any upcoming planned capital expenditures.”
He praised the town for keeping its accounting records well maintained, and for keeping its expenditures within the amounts budgeted.
“The town continues to excel in the collection of taxes and water receivables,” he said. “For several years, prepaid taxes have exceeded the outstanding balances at year end, and you don’t hear of that very often.”