Westville Releases 2016 Financial Results
At its July 25, 2016 regular meeting, the Westville town council was told that the Town ended its 2015-16 fiscal year with a consolidated surplus of $579,228, $330,000 better than budget. Both the general Operating fund and the Water Utility finished with significant surpluses - $254,000 compared to a break-even budget in general operations and $73,000 compared to a budget deficit of $12,000 in the Water operations.
The town’s auditor, Kevin MacDonald presented the financial statements at the Monday meeting. Westville CAO, Kelly Rice advised council that the surplus was achieved through careful cost management in all departments. General administration costs were $100,000 below budget and $70,000 below prior year levels. Public Works costs for the year were $120,000 below budget and down $6,000 from the prior year. In the Water Utility, purchased water costs were $75,000 below budget and $40,000 below the previous year. These water savings resulted from the Town’s successful challenge of proposed rate increases and a general reduction in water losses through leak monitoring.
The town completed $825,000 in capital projects during the 2015-16 year, including purchase of the historic Post Office building, upgrades to the Civic building, sewer system upgrades and replacement of an aging sidewalk plow.
Despite the significant investment in capital infrastructure, the Town’s net debt was reduced by $200,000 to $1.5 million during the year. As a result of the successful year, the Town was able to increase reserves by $683,000 to $1 million. CAO Rice advised Council that with the improved financial position, the Town is now better positioned to have more flexibility in planning its operations and capital improvements in the upcoming years.