Auditor gives Parrsboro clean bill of health

Andrew Wagstaff
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PARRSBORO - The Town of Parrsboro is in solid financial position, according to its independent auditor.

George Jorgensen delivered a clean bill of health to town council during its recent monthly session, reporting that both the town's general operating account and its water utility are in doing well.

"The town is in wonderful financial shape," Jorgensen told Mayor Lois Smith and councilors and staff. "I think you're probably the envy of most municipalities, and all of them in Cumberland County... I think you're quite unique."

Jorgensen praised the town for its success in tax collection, with its prepaid taxes exceeding its outstanding balances for several years running.

Parrsboro ended its last fiscal year with a surplus of $119,002, which has since been transferred to reserves. Revenue for the year totaled $2,110,846, compared to budgeted revenue of $1,959,102, a difference of $151,744. Of that, $115,409 was an unbudgeted transfer from reserves.

Expenditures for the year were $1,991,844, down 1.7 per cent from the $1,959,102 budgeted.

The water utility saw revenue stay basically the same at $261,947, while expenditures dropped from $222,576 to $204,516, leaving an operating profit of $57,431.

"Your water utility is in very good shape, and has been for a long time," said Jorgensen. "It keeps growing, and I know you have projects coming up, maybe not this year but down the road."

Geographic location: Parrsboro, Cumberland County

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Recent comments

  • Glenn Wheaton
    December 05, 2011 - 22:02

    I would thinkk it is a no brainer that Parrsboro is in great shape considering business owners like myself had property tax increases of up to 28oo dollars this year alone, leaving my business alone at par with those in Yellowknife, edmonton etc, yet I still pay for garbage removal, water, septic etc, Won't be long and all the buinsesses will be opening on the other side of the town limits. With surplus in hard times that we are in wouldn't it make sense to pass this on to the service proividers which make our town what it is to allow them some support in this economic downturn. The west looks better every day.