It took three years but for the first time since being elected in 2004 Springhill's Town Council could boast a surplus year.
SPRINGHILL - It took three years but for the first time since being elected in 2004 Springhill's Town Council could boast a surplus year.
Department cutbacks and hard work by department heads paid off, chartered accountant Mike Hunter of Jorgenson & Bickerton said during council's regular monthly meeting last week.
In presenting the audited statements for the year ending March 21, 2007, Hunter congratulated the Town of Springhill and its directors for bringing their departments in line.
"You're in a very good position going into the New Year," Hunter said. "You've really turned it around."
Springhill's general operating fund changed its balances by more than $400,000 between 2006 and 2007 helping absorb a $337,000 deficit the town went into the 2007 year with. If the town can repeat history and end its 2008 financial statement with another $98,000 surplus, Hunter says, the town will free itself general operating fund of its long-term deficit.
"If they have another year or two like they just had they'll be in a really good position. They're on the right track," Hunter said.
Spirits were at all-time high as mayor and council praised the community's directors for their hard work and diligence towards generating council's first surplus year.
"It's almost to a point I might want to run again in the upcoming election with a report like that," Mayor Guy Brown said.
Springhill's water operating fund sat heavy on the plus side of the ledger with more than $150,000 in surplus. The report, Hunter reminded, reflects the year ending in March 2007, when Springhill's new water treatment plant would only have been operational for six months. The year ending 2008 will be much more expensive, he says, but recent increases in water taxes are expected to offset the expenditures.
The town's general operating funded was financed with $5.1 million in revenues through taxes, unconditional transfers for the government and grants in Lieu of taxes. Taxes alone amounted to $2.3 million I revenues for the community. More than $1.4 million was spent on protective services during 2006 and 2007. General government cost almost $800,000 and recreational and cultural services almost tipped the $1 million mark.