Town ends year with a surplus

Community

STELLARTON – The town has closed its fiscal year with an increased overall surplus of nearly $260,000.

Consolidated financial statements to the end of March 31, 2016 that were presented at its Council II meeting on Monday show the town’s funds surplus rose to $259,411 from $223,844 at the end of the previous fiscal year. It is based on revenues among its financial activities of $9.12 million against expenditures of $8.86 million.

The towns’ accumulated surplus, including capital assets rose slightly to $29.6 million. Its general operating fund produced net revenues of $988,364.

Its water operating fund ended the fiscal with net revenues of $486,931, which after net financing and transfers produced a change in the fund of $42,806, up from $13,152 the previous year. It raised the closing fund balance of $1.61 million, up from $1.58 million the previous year.

The operating fund for Stellarton Memorial Rink had net expenditures of $67,337 that was reduced by $24,477 to $42,900. That amount was cancelled by the surplus for the same amount at the end of the previous fiscal year.

The general capital fund had a deficit of $1.29 million that was covered by transfers of $963,265 from capital reserve and $308,803 from the town’s gas tax reserves.

The town’s long-term debt fell from $10.6 million to $9.96 million. Principal payments remain the same for the next four years at $251,480 in the general capital fund and $383,080 for the next five years in the water capital fund.

After receiving the statements, council approved transfers of $456,077 from the operating fund to the capital reserve fund and $96,000 from the general operating fund to the general operating reserve.

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