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."
