GENERAL REVENUE FUND

• The assessment base for the Municipality has increased from $177,179,906 to $184,129,469.  The increase of $6,949,563 provided an additional $91,734 in revenue for the year 2003.
• The Budget reflects a tax rate increase of 2 cents which would make the tax rate for 2003 $1.32, which represents a $20.00 annual increase for a resident owning a $100,000 home.
• Total expenditures have increased from $2,783,696 to $2,900,960, an increase of $117,264.
• The Unconditional Grant provided to the Town by the Province remains unchanged at $364,092.
• The Transportation allocation includes an increase of $32,064 for new winter maintenance responsibilities for Nerepis Road.
• The Fire Department allocation includes the hiring of two full-time employees effective February 1, 2003.
• Insurance premiums for the Town increased by 25%, an increase of $15,370 in the General Revenue Fund.
• Fiscal Services reflect a reduction in debt of $330,000.  The Town’s total debt outstanding as at December 31, 2002 will be reduced from $789,000 to $459,000.  In addition, $50,000 has been allocated to the General Capital Reserve Fund for future capital purchases and construction projects.
• The Transportation allocation includes $72,000 for Capital Expenditures from Operating for Street Improvements.
• The Budget reflects the Municipality’s financial commitments as a member of the Greater Saint John Region totaling $79,518 as well as a commitment to the River Valley Community Center (Arena) for $120,789.
• General Government Services reflect a Cost of Assessment fee of $36,826 paid to the Province of New Brunswick, an increase of $1,390.

• The annual user fee has been maintained at $245 per unit.  This rate has been held constant since incorporation on January 1, 1998.
• Total expenditures for the Budget are $374,375; this includes a transfer to the Sewerage Capital Reserve Fund of $25,000.