SPRINGHILL – The Town of Springhill’s financial situation continues to improve, with it’s debt taking a $300,000 hit.
In the audited statements ending March 31, 2011, the dept now sits at $2.9 million, down last year from $3.2 million, while $840,894 sits in reserves. Divided amongst the community’s various departments, equipment and capital projects, paying down the debt and building reserves is a stark contrast to the town’s financial situation just a few short years ago.
“I’d like to congratulate council and staff on increasing their financial position,” auditor Michael Hunter of the chartered accountant firm Jorgenson and Bickerton said.
“The consolidated statements show council produced a revenue of $681,000, which they had to to pay down the debt,” Gary Birckerton said.
The town improved its net assets by more than $292,000, putting the town in better standings than last year.
“I remember years ago this was in the deficit position,” Hunter said. “Last year it was still a deficit of $79,000, so there’s improvement there too.
“I think the auditor’s report shows over the years we have been progressing our financial position,” Dill said.
Presently, operating and repaying the construction costs of the town’s water treatment plant still looms heavily over taxpayers. A rate change in March of last year – when the financial statements were being handed over to the auditors - to bring those costs under control are starting to take shape but it won’t be for another year or two before taxpayers begin to see a difference in the audited statements. Going forward, an estimated $100,000 will a go towards the plant’s debt annually.
“Over the next few years we’ll be taken care of,” Coun. Norm Rushton said. “ We’re not in a good spot, but we’re not in a bad spot by any means.”
“The decisions we made were good decisions,” Springhill’s Mayor Allen Dill said. “It did correct the problem but the citizens of Springhill bore the bunt of that so we could take the bull by the horns.”
