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Clear Spring in good financial health, report shows

November 12, 2012

CLEAR SPRING — The Town of Clear Spring is in good financial health, according to a review of its financial activities for the 2012 fiscal year by an independent auditor.

The annual study, which was discussed Monday night at a town council meeting, shows that Clear Spring’s assets exceeded its liabilities by about $2.95 million for fiscal year 2012.

The town’s total liabilities decreased by $41,778 to $1.02 million during the last fiscal year, the report said.

Clear Spring earned $61,488 in local tax revenue and $337,126 in service fees, mainly water and sewer utility fees, in that time.

“The town is sound financially,” said Pat Kline, an accountant for Kline & Co., the firm that produced the financial report.

— Kaustuv Basu

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