News Release
Audit Confirms Budget Surplus for 4th year in a Row
(Sunday, July 13/2003)-- For the fourth year in a row, Halifax Regional Municipality recorded an Operating Budget surplus, it was announced today.
Mayor Peter Kelly, on behalf of Halifax Regional Council, said in a statement that the latest Audited Financial Statement shows the municipality had a surplus of $432,000 for the fiscal year ending March 31, 2003. This represents a positive variance of less than 1% against the annual Operating Budget of 496.2 million.
The Mayor said "The surplus for the 2002/03 fiscal period is a very positive outcome for our municipality. The results are consistent with the 2003/04 budget assumptions that there would be no deficit. Any significant variation in the assumptions would have negatively impacted this year's Operating Budget (2003/04)".
Chief Administrative Officer George McLellan said that although HRM has recorded surpluses in each of the last four years, these surpluses were not easily achieved.
"Although there were significant over-expenditures in the snow and ice control program and higher fuel costs last year, HRM operations offset these cost pressures by approximately $3 million. Revenue surpluses covered the remainder, " he said.
Both Mayor Kelly, on behalf of Halifax Regional Council, and Mr. McLellan extended their congratulations and thanks to HRM staff for their prudent management of taxpayers' money and tremendous effort in delivery of a broad range of municipal services to the residents of the municipality.
First quarter projections for the current fiscal year will be presented to Halifax Regional Council in late August. The current year operating budget is $529 million.
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Mayor Peter Kelly
(902) 835-6097 cell 222-9999
George McLellan
Chief Administrative Officer
(902)490-4026
