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Audited Statements Confirm $2.7 million Surplus

(Wednesday, July 18/2001)-- Halifax Regional Municipality recorded a $2.7 million surplus for the fiscal year ending March 31, 2001, according to the latest Audited Financial Statement. This represents a 0.6% improvement over the annual operating budget of $448.5 million.

The surplus for the 2000/01 fiscal period is approximately $386,000 higher than predicted at third quarter.

Dale MacLennan, Director of Financial Services said " We are pleased that our Budget process is working as we had hoped and that the financial management measures we put in place during the past few years are proving to be so cost-effective. In spite of the unusual winter snow clearing season and other fiscal challenges, we were able to end the year in a surplus position."

First quarter projections for the current fiscal year will be presented to Halifax Regional Council in late August. The current year budget is $493.5 million for Operating and $103 million for Capital (last year - $67.5 million).

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Dale MacLennan
Director, Financial Services
(902) 490-6308



John O'Brien
Corporate Communications Officer
(902) 490-6531

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