SUMMERSIDE, P.E.I. — The City of Summerside has posted a $3 million surplus for 2018/2019.
City council was briefed by the municipality's private auditors, Grant Thorton LLP, Thursday evening, after which the financial statements were released to the public.
The city’s finance department credited higher than expected property tax revenues as the main contributing factor for the surplus.
Other highlights included a reduction of the staff pension plan liability by about $600,000, which now rests at about $288,000.
The city also shaved $7 million off its long-term debt, bringing it down to a little more than $78 million.
Summerside Mayor Basil Stewart said it was a great year for the city and he credited the previous council, which was in power for most of 2018, with laying the foundation for much of that success. The current council was sworn in in December.
It’s up to the council now to decide what to do with the surplus, added Stewart, and there is no shortage of potential projects.
“Things are in good shape financially,” he said.
As per tradition, the annual report was dedicated to the memory of outstanding local residents. This year that honour went to five members of the city’s volunteer fire department who have died recently, including Capt. Lester DesRoches, Capt. Earle Hayes, Cheif Ty MacDonald, Chief Edgar Moase and Lt. Brian Morrison.
