2006-03-02 / News

Town finances in good shape, audit reports

Paul Danserau, an accountant representing Parmalee & Poirier of Warwick, the auditors for the town, had nothing but good news concerning the town audit marking the end of the fiscal year June 30, 2005.

The welcome announcement was presented in a review of the audit at the work session held last night before the regular Town Council meeting.

The town has a surplus of $329,577, making a total fund balance of $3,750,277. Danserau also noted that the town pension obligation was in exceptional shape, adding that it is very unusual for a town to be in this position. Pension obligations for most towns are a burden as opposed to an asset.

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