Quispamsis Records $284K Deficit During First 4 Months

We are barely halfway through 2022 and Quispamsis is already preparing to be in the red at the end of the year.

Unaudited financial figures included in a recent council packet showed a $284,000 deficit as of April 30.

Most of that was due to higher than anticipated expenses, which were over budget by $281,000.

“Transportation is over by $288,000 due to higher-than-average snowfall amounts and the winter storms seen so far in 2022,” said the staff report, written by town treasurer Krista Brandon.

Brandon said the town is seeing cost increases and supply chain issues “in almost every area” and staff is working to mitigate these where they can.

“While revenue is rebounding with the resumption of normal operations, the cost of fuel and supplies is continuing to have an impact on our budget,” said Brandon.

“It is likely this deficit will continue to be carried on our financial statements for the remainder of the year.”

Meanwhile, the utility operating fund is showing a surplus of $37,000, which Brandon said is related to increased billing revenue from one- and two-unit dwellings, increased wellfield costs, and payroll savings compared to budget.

You can view the staff report on page 382 of the June 21 council packet by clicking here.