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Audited Statements Confirm Year-End Surplus
(Tuesday, July 16/2002)-- Halifax Regional Municipality recorded a $741,000 surplus for the fiscal year ending March 31, 2002, according to the latest Audited Financial Statement. This marks the third year in a row that the municipality returned a surplus.
This represents a positive variance of less than 1% against the annual operating budget of $474.8 million.
The surplus for the 2001/02 fiscal period is comparable to the $764,000 projected at third quarter.
Dale MacLennan, Director of Financial Services, said " This is a very positive outcome for the Municipality, because the projections are incorporated into the annual budget process and any significant variance would impact the Operating budget in 2002/03."
First quarter projections for the current fiscal year will be presented to Halifax Regional Council in late August. The current year Operating Budget is $495 million and the Capital Budget is $122 million (last year $103 million.)
Director, Financial Services
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