Chelsea ‘net debt’ at $37M

The municipality of Chelsea added to its surplus in 2019 according to the mayor’s recent financial report.

Mayor Caryl Green gave the report during the regular June council meeting, which was held via the teleconference program Zoom. All councillors were present, as were about 11 people who tuned in to the meeting also using Zoom.

Chelsea Mayor Caryl Green greeting the everyone who tuned in to the council meeting on June 2. Screenshot

As of Dec. 31, 2019 the municipality’s unrestricted accumulated surplus was $1,596,622, she said. While her presentation didn’t include total debt figures, an independent financial report by Marc Boucher at Raymond Chabot Grant Thorton LLP, available online alongside the mayor’s report, does. According to that document, the municipal net debt is $37,957,930, which is down from $38,567,868 in 2018.

“The financial report … shows that the municipality is in a good financial position,” Green said.

She said the operating surplus is due to higher than expected revenue from taxes, payments in lieu of taxes, transfer revenue and interest and penalty revenue, while expenses for lower salaries and benefits were down.

The 2019 operating revenue was $19,391,612 and expenses were $18,929,199.