Council approved the Town’s 2018 audited financial statements at their meeting July 8, and are looking forward to details coming in the Report to the Community.
The Town’s auditors, MNP LLP, presented the statements, which showed a modest surplus of $90,530, being directed into a facilities life cycling reserve for replacement of capital assets.
The audited financial statements are included in the annual Report to the Community, which also includes the Town’s 2018 accomplishments, services and financial goals and an update to the 10-year financial strategy.
Each year, Town Council and Administration review the Town’s services and financial goals, update the 10-year Financial Strategy and reflect on the community’s long-term needs and combine them in the Report to the Community.
Mayor Jeff Genung is pleased with the financial statements. “Council uses the annual budget process to plan ahead to make the best use of our tax dollars and funding, to develop goals for major projects, and manage debt to ensure we don’t place an undue burden on future residents,” he says. “The financial statements and Report to the Community confirms that Council’s priorities, our current financial position and capital projects are aligned with priorities that are important to the community, today and for the future.”
As per Section 276 of the Municipal Government Act, municipalities must prepare annual financial statements, have them audited by an independent auditor and present them to Town Council for approval.
The financial statements and the audit opinion will be submitted to the Minister of Municipal Affairs. The Report to the Community is due out later this summer.