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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.)


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

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

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