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