Quispamsis is reporting a surplus for the first five months of the year, but town staff say it is too early to predict the full financial impacts of COVID-19.
Unaudited financial statements presented to council Tuesday night show a surplus of $138,657 in the general fund as of the end of May.
Revenue was down by $157,597 because of the closure of the qplex, the Quispamsis Memorial Arena and other facilities.
But expenses are also down by $296,253, mainly due to reductions in staffing, travel, programming, fuel and electricity.
“We are closely monitoring our financial information, but it is early to predict the full financial implications for the year at this point,” said the report. “We expect to see continued loss of rental revenue and reduced expenses in travel, programming, and staffing.”
Meanwhile, the town has spent $25,000 on direct COVID-19 expenses to date, but staff expect that number will grow as the year goes on.
