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Modest increase in Redcliff assets: Auditor’s report

Posted on April 21, 2015 by 40 Mile Commentator

By Carlie Connolly
At the April. 13 Redcliff council meeting, their financial audit for the previous financial year was read to council with no surprises.
The audit was presented by Derek Taylor of KPMG LLP, and showed a small increase in both financial assets and liabilities that Taylor explained as timing matters related to the Towns receivables and payables. The increase was from $20, 295, 358 in 2013 to $21,109,475 in 2014. There was also a small increase in financial liabilities from $13,598,461 to $13,641,222 over the year, which had to do with the timing of accounts payable for the town.
Operating revenues were down from the previous year about $387,000 and lower than budgeted by $258,000. At the same time, operating expenditures rose $245,000 from 2013 exceeding the 2014 budget by some $200,000. This represents an operating deficit of approximately $450,000 from the budgeted numbers.
The full auditors report can be viewed at http://www.redcliff.ca under Town Council, Agenda’s and Minutes for April 13, 2015.

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