New Glasgow finished 2018-2019 in the black, and is putting some more money in the piggy
bank. At Monday night’s meeting of council, the audited financial statements for the fiscal year ending March 31st were presented. The town finished with an operating surplus of $495,000, which is being added to the operating reserve, now totalling just over $2.1 million dollars.
Mayor Nancy Dicks says the final numbers turned out a bit better than projected, and stresses the importance of reserve funds for a ‘rainy day’.
It was also noted that in 2018-19, the Water Utility’s Operating Fund also posted a surplus ($830,000), and the town invested almost $4.3 million into capital projects, including street paving, curbs & sidewalks, and new equipment for Engineering and Public Works.