Town in good financial shape

Andrew
Andrew Wagstaff
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PARRSBORO The Town of Parrsboros finances are in the black, with over half a million dollars to spare, according to auditor George Jorgensen.

The town is in excellent financial position having no capital debt outstanding and has in excess of $500,000 in reserve funds, said Jorgensen, presenting his annual audited financial statements to town council at its June 26 session. This is good planning by management and council for upcoming capital expenditures.

The town ended its fiscal year with an operating surplus of $2,253 after transferring $144,41

PARRSBORO The Town of Parrsboros finances are in the black, with over half a million dollars to spare, according to auditor George Jorgensen.

The town is in excellent financial position having no capital debt outstanding and has in excess of $500,000 in reserve funds, said Jorgensen, presenting his annual audited financial statements to town council at its June 26 session. This is good planning by management and council for upcoming capital expenditures.

The town ended its fiscal year with an operating surplus of $2,253 after transferring $144,413 to reserves during the year. Revenues for the year totaled $1,755,615, $22,000 more than budgeted, while expenses came in over $19,000 over budget at a total of $1,753,322.

During the year the town spent $32,782 on capital purchases, $30,117 of which came from the general operating fund, while $1,686 came from reserves and $979 from donations.

The water utility ended the year with a surplus of $11,409, having paid the final balance of $100,000 owed on the water capital bank loan. Operating revenues for the year totaled $263,298, compared to expenditures of $222,632.

The fund also earned $8,229 interest and $70,000 was transferred from the depreciation fund.

The towns reserve funds increased by $222,328 thanks to the collection of $69,512 in gas tax revenue, $4,403 in interest earned, and $148,413 transferred from general operations.

The accounting records are very well maintained with timely reports to council, said Jorgensen, a chartered accountant with the form Jorgensen & Bickerton. Expenditures are generally kept within the amounts budgeted.

He also complimented the town on its tax collection success, remarking that having only $10,000 outstanding at the end of the year would be the envy of any municipality.

For the upcoming year council has agreed to keep the residential tax rate at $2.03 per $100 of assessment, while the commercial rate is now set at $3.77 per $100 of assessment, reflecting the absorption of the business occupancy tax.

awagstaff@amherstdaily.com

Organizations: Jorgensen & Bickerton

Geographic location: Parrsboros

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