New town starting off on solid financial footing

Eric McCarthy
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O'Leary showed assets at its December 31 year-end of $3,742,753, and a net debt of $385,687, which is a decrease of $159,081 from the beginning of the financial year. Its accumulated surplus at year-end was started at $3,357,066.

The town is scheduled to have three loans, totalling $78,632, paid off this year.

Mayor Stanley MacDonald indicated council will be applying for gas tax funds to help with sewer line work this year, pointing out the town will only be responsible for one-third the cost of approved work.

Revenue for 2013 totalled 874,145, and expenditures amounted to $873,696. Added to the small profit of $449 was government transfers of $210,115 and contributions for capital work of $8,327.

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Recent comments

  • Linda C
    March 26, 2014 - 18:18

    Wow, great story. What the heck town are you talking about? Who, what, when, where and why should usually be in the first paragraph but somewhere in the story would be nice.

    • Bonnie
      March 27, 2014 - 07:55

      I think it said O'Leary if I read right.