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The Canaden Champion, Tuesday, November 14, 2000 -11 Town's financial picture is improving: audit Do'ums Last year ended with a $3. 7 million surplus due to severalfactors, including user fees By IRENE GENTLE The Champion Milton's books are in good shape for the 1999 year, accord- ing to a recent Ernst and Young audit. "From a balance sheet perspective, the Town of Milton's position has improved," Ernst and Young manager Jennifer Juatason told town council October 30. The year 1999 ended with a $3.7 million surplus through a combination of factors, including a small jump in the assessment baae and an increased reliance on user fees. In a short presentation to counicil, Ms Justason noted that the town grew by 1,400 un that yesr. Town employees also expanded, from 104 to 120. Most of the surplus was transferred to reserves and reserve funds for future capi- tal projects. But some of it was spent on current pro- jects such as the reconstruction of Lower Base Line, sidewalk replacement, asphaît overlay in the urban ares and the rehabili- tation of the Bronte Street bridge. Reserve and reserve fund contributions have increased over the years in Milton , and in 1999, the Town had $10.8 million socked away there. And about $1.5 million was collected by reducing tax arrears. "Il improves our cash flow," said Town Treasurer Jim McQueen. "We have that cash at hand to invest or pay bills or what- ever." In 1998, unpaid taxes amounted to about $5.5 million. But that was down to $3.9 million at the end of 1999. The high level of arrears in 1998 was partly the ressît of residents holding off landslide.. We're so stupid," lie said. payment until the resolution of Bill 79., he And Mayor Gord Krantz took the oppor- added. Councillor Rick Day used the good news tunity to plug tIhe Town's accounting. audit as a springboard to question spend- ."In my opinion, we exceed other munici- thrift policies under Prime Minister Jean Chretien. palities," he said. "I'm not afraid to say "We're going to get there again, with a that." Do you HEAT your HOME with OIL Becomne a Thermoshel customner and recelve: * 100 AIR MILES" reward miles * Earn one AIR MILES' reward mile with every $25 in 011 purchases * One complimentary Tank Armor treatment (protects 4' your oil tank) a <905) 878-6380 e 1-800-465-6071 I î sanu, The 2001 Altima GXE 155-HP 2.4- ie DHC eo5ine - M/FM woh CD audso sysiem 4-speed ausoatc transmison Ai soditiooog - emote keyless entysysem with panic aase ODua aiSbags -Poser eirsand dose socis -Keyessoremoee o se nd mre I $23,798% oR $2981..*j 1' ONLY 2000 MAXIMA GXIE 0 NORTH END NISSAN 610 RMARflN ST. MILTON 878-41IL37OM u u & W W~il 1W 1~ 11, Lifestyles section in this -Friday's Champion edition. Book your service oppointmsnt todOyl Hours: Mon-Fri 8:00-530 pm Sot 8:00-12:00 noon 715 M in Srccý . Mi n 8 7I - EV14 N CKM I.OC SUCCE55FULLY ORGRIIIZEYOUR SPRIE UITHOUTEXCE5SIVE FORCE *Shelving *Basket Systems Desk Lamps eBook Cases Hundreds of conveBieBt storage ideas Our desig ners will help create the perfect closet for you! Our versatile components and many accessories offer flexibility in design andprice. Challenge us to be creative with your space ... or lack of it! FREE UN-HOME CONSULTATION' Closet Maid Heawy Duty, '/inyl Coated Steel Shelvng Iote solions for ispces. 466 Speers Road, Oakvlle e 905-842-5061 ... insUein alwsys avaelable00