Town discusses draft financial statement

Times Reporter     

 

Darren Adamson from Young Parkyn McNabb spoke to town council at the April 2 meeting and gave highlights on the towns 2013 financial statements. The town’s financial assets at the end of December were approximately $24.5 million, which is close to previous years of $25 million said Adamson.

Liabilities came in around $20.4 million, which is down slightly from the previous year’s $22.9 million, which is mainly due to the repayment of long-term debt. The long-term debt has now decreased from $16,930,609 to $15,460,695.  

Adamson said when you take the financial assets minus the liabilities you get the net financial assets, which is a positive $4.1 million, which is up from two years ago when the town was slightly in the red.  

For non-financial assets the tangible capital assets is the most significant one at about $178 million, which is up from the previous year’s $173 million. 

The accumulated surplus for 2013 was $182,845,411, up from the previous year’s $175,775,819. 

Under the consolidated statement of operations, which is the revenue and expenses for the year the town saw $21,828,211 in revenue. The expenses at the end of Dec. 31 were $22,718,487, which is a deficiency of $890,276. 

The accumulated surplus at the beginning of 2013 was $175,775,819, and the year ended with an accumulated surplus of $182,845,411. 

Those were the main highlights that Adamson wanted to point out to council. A decision to accept the financial reports was postponed until the next council meeting on April 16. The financial reports are still in draft form and not official until accepted by council.