PORT HAWKESBURY: The town’s audited financial statements are good to go.
Last week, Port Hawkesbury Town Council approved the town’s audited financial statements for the fiscal year ending March 31, 2017.
Erin MacEachen, finance director for Port Hawkesbury, described the process as an external review by an auditor of the town’s financial information which looks at whether or not the financial statements fairly speak for the municipality.
“They look at both the financial statements themselves and the numbers, but they also look at the internal controls of the municipality in order to determine if there are any deficiencies in your control,” MacEachen said.
“It’s more focused on whether or not the financial statements that are being presented publicly accurately represent where the money came and went throughout the year.”
MacEachen said it was a good year for the town, noting the auditors highlighted Port Hawkesbury’s declining net debt, which she said is a good sign.
“Also we were able to put money away into our operating reserve,” she said.
“We had a good year financially and we were able to put about $300,000 away this year for future projects.”
Part of the surplus is due to a switch to LED lights from mercury lights, which she said saved the town about $80,000.
MacEachen added that events at the Port Hawkesbury Civic Centre contributed about $50,000 to the surplus.