Media Release
Audited Statements Confirm Year-End Surplus
(Tuesday, July 13, 2004 )-- Halifax Regional Municipality recorded a $44,000 operating fund surplus for the year-ended March 31, 2004 which, when added to the $669,000 net surplus in the various area rated funds, accounts for the $713,000 surplus for the fiscal year, according to the latest Audited Financial Statements. This represents a positive variance of less than 1% against the annual operating budget of $529 million.
Mayor Peter Kelly said" The surplus for the 2003/04 fiscal period is a very positive outcome for the Municipality as the results are consistent with the 2004/05 budget assumptions that there would be no deficit. Any significant variation in the assumptions would have negatively impacted the operating budget in 2004/05."
"HRM has now recorded surpluses in each of the last five years. As in previous years, this surplus was not easily achieved especially in a year where the Municipality responded to the significant damage to infrastructure and substantial clean up and emergency response as a result of Hurricane Juan and then the record setting snowfall, in excess of 90 cm (36 inches), in February 2004." The operating results for 2003/04 include costs associated with Hurricane Juan, net of estimated recoveries, in the amount of $2.3 million and costs of approximately $5 million associated with the February storm.
First quarter projections will be presented to Halifax Regional Council in late August. The current year operating budget is $547 million.
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Contact:
Dale MacLennan
Director, Financial Services
(902) 490-6308
