Hampstead tables 2019 financial report

Councillor Jack Edery provides highlights of Hampstead's 2019 financial report during the town's videoconferenced council meeting.

The Town of Hampstead tabled, during the July council meeting, its annual financial report for 2019.

Councillor Jack Edery, in charge of the finance portfolio on council, provided some highlights:

• The operating surplus for 2019 was $2.014 million, "made up in large part of extra interest that we earned, an extra $280,000 in interest because we have a lot of cash on hand."

• "Transfer taxes were up by $334,000 more than we budgeted, and we have a new revenue stream coming in from Langhorne Park of $300,000."

• "Our accumulated surplus now stands at $6.38 million, which is huge for a town our size."

• "Our relative debt, compared to other towns, is minuscule, and our net debt has gone down to $5.5 million — when I first started in 2009, it was $13 million."

• "For transfer taxes, we budgeted $1.3 million, and we're at $1.6 million, so that's good — a still healthy movement of properties and healthy prices."

• "Our park fund has gone up from $1.13 million to $1.3 million, and we've got stuff in the pipeline, so we expect that to go up to $1.8 million, and that's for spending specifically in the park.

"All in all, revenue has been excellent, debt is down and property values for residents have gone up by roughly 21 percent from 2017, debt has gone down by about 18 percent from 2017, and we have a healthy surplus, so whatever COVID-19 throws at us, we will be able to absorb and move forward in strength."

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