NEW GLASGOW – The numbers are in and the Town of New Glasgow has posted a surplus.
The audited financial statements for fiscal year 2012-2013, conducted by Kevin MacDonald and Associates, showed a surplus of $1,346,800 as of March 31, 2013.
MacDonald also noted that there was an increase in capital assets of $2,838,000, an increase in fund balances of $614,300, new debt issued for capital in the amount of $1,040,300 and debt repayment totaling $1,256,200.
“This has been a very good fiscal year for New Glasgow,” noted Mayor Barrie MacMillan. “There was an overall reduction in operating expenses for the town as compared to the previous year's fiscal expenses. Operational revenues for the 2012-2013 fiscal year totalled $19,160,400 while total expenses were $18,334,200 compared to the previous year's expenses of $19,492,900.”
This included New Glasgow’s portion of the operational deficit of the Pictou County Wellness Centre which was $160,600. The overall operating reserves at the council’s disposal have increased by $101,500.
“While maintaining solid fiscal management and a reasonable tax rate, which is the same as it was nine years ago, this council's commitment and goal is to deliver a quality level of municipal services and to provide an environment in which both residents and businesses may thrive,” said MacMillan.
One environmental and fiscal highlight was the town’s conversion to LED street lighting, which reduced the operating costs of the lights from $207,100 in fiscal 2012 to $65,400 in fiscal 2013.
The council also approved a motion to pursue a wi-fi pilot project for downtown New Glasgow. The recommendation was to purchase six fixed access points strategically placed in the downtown core free for anyone wishing to connect. The proposed budget is $1,200 plus HST and according to town staff, would start in October.
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