New Glasgow, N.S.
The Town of New Glasgow finished the 2017-2018 fiscal year with an operating surplus just shy of $600,000.
Audited financial statements were presented at the council’s Sept. 25 council meeting indicating that the town is in a strong financial position.
Mayor Nancy Dicks said the surplus from the operating budget will be transferred to the operating reserve which will allow the town to save for future operating needs.
“Mild winter weather along with strong management by directors over their departmental budgets is evident in the financial results,” she said.
On a consolidated basis, the Town of New Glasgow had a surplus of $5,216,300 as of March 31, 2018. There was an increase in capital assets purchased totaling $5,287,000.
“We have invested $1,099,418 in streets, curbs and sidewalks. Storm sewer separation upgrades costing $265,925 were completed on Willow Avenue,” Dicks said.
In addition, the Engineering and Public Works Department purchased equipment including a new sidewalk plow, a used sidewalk plow, a solar arrow board and electronic tools costing a total of $280,726. Equipment for protective services totaled $384,807 and included the new TMR2 radio system. An investment was also made in Community Development assets, Town Hall building accessibility improvements and upgrades to information technology equipment.
The New Glasgow Water Utility’s Operating Fund for 2017-2018 had a surplus of $1,038,500.
Borrowing for capital projects occurred later in the fiscal year meaning repayment schedules did not begin when budgeted, increasing the surplus for 2017-2018, Dicks explained.
An upgrade to the water treatment facility costing $4 million is now substantially complete and two transmission lines are being replaced and will be completed in current fiscal 2018-2019.
