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Auditor reviews Town’s financial statements

Posted on May 5, 2015 by 40 Mile Commentator

By Jamie Rieger
The Town of Bow Island is in good financial shape, according to the auditor who attended the April 27 council meeting to provide the annual financial statements.
“Overall, your finances look good from our perspective,” said Calvin Scott, chartered accountant with Young Parklyn McNab.
Scott added that although activities such as water line repairs, paving, and the industrial subdivision brought the cash side down somewhat, the Town still showed $4.4 million in financial assets and $15 million in accumulated surplus, as of December 31, 2014. At the same time, their expenses were comparable to last year’s figures at just under $3.6 million.
Scott also noted that the Town is correct in budgeting for mill rates/taxes.
“The Town will be budgeting for mill rate/taxes and that is the right way to do it,” he said.
Scott pointed out that the Schedule of Tangible Capital Assets, which includes land, buildings, engineered structures, machinery/equipment, and vehicles allows municipalities to keep track of the aging of the capital assets and to replace if necessary.
“It needs to be looked at asset by asset and from a planning aspect, it helps in budgeting for these items,” said Scott.
“Overall,  these financial statements look good from our perspective.”

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