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New Glasgow finishes fiscal year in the black

The Town of New Glasgow ended the 2016/2017 fiscal year with an operating surplus of $139,000.

In her report after the audited financial statement was released Mayor Nancy Dicks said the surplus was evidence of strong management by directors of their departmental budgets.

“On a consolidated basis, the Town of New Glasgow has a surplus of $2,674,900 as of March 31, 2017. There was an increase in capital assets purchased totalling $6,271,200, an increase in fund balances of $169,300, new debt issued for capital in the amount of $902,700 and debt repayment totalling $1,590,600.

The New Glasgow water utility’s operating fund for 2016/2017 had a surplus of $755,000, which will help offset the accumulated deficit of $544,700.

“Water rate increases approved by the Nova Scotia Utility and Review Board ensure the facility will operate efficiently using national best practices for drinking water treatment and to meet or exceed the ever-changing drinking water standards,” Dicks stated. “An upgrade to the water treatment facility costing in excess of $5 million is underway and will be completed in current fiscal 2017/2018.”

During the 2016/2017 fiscal year, capital investments totalled $6,271,200.  Of that $976,605 was invested in streets, curbs and sidewalks. Storm sewer separation upgrades costing more than $187,359 were completed on Brookside Avenue and work started on Willow Avenue. The engineering department purchased a new backhoe, two new vehicles, solar arrow boards and grass cutting mowers totalling $234,506. Equipment for protective services totalled $88,419. An investment was made in community development assets, town hall building improvements and upgrades to information technology equipment as well.

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