Annual Financial Statements Released
Posted on Apr 21, 2017
Council has approved the Consolidated Financial Statements for the year ended December 31, 2016
The Town has published its audited Consolidated Financial Statements for 2016.
Please click this line for the Finance webpage
(it contains several years of Financial Statements and other financial documents).
Highlights of 2016 Statements:
- $5.9 million in operating surplus (split among Water, Sewer & General Funds)
- $7.4 million in reserves at year-end
- Long-term debt down to $932,800 - most of which will be repaid by 2018
- Net Financial Assets (Financial Assets less all liabilities) rises to $12.1 million
- Net Income of $3.2 million in 2016, (almost two-thirds of which was due to government grants received for capital expenditures)
- Capital expenditures in 2016 exceed $4 million, which increases the net book value of tangible capital assets to over $85 million by year-end