ARICHAT: The latest audit of municipal finances is now available on-line after councillors approved the latest review.
During the regular monthly meeting of Richmond Municipal Council on November 26, council approved the municipality’s financial statements for the fiscal year ending March 31, 2018, which were presented by auditors Grant Thornton and Chief Financial Officer Jason Martell.
Warden Jason MacLean said the audit committee met on November 20, was presented with the financial statements and the audit report and recommended their approval to council.
The warden said he was “pleased” to see the progress the municipality made this year. MacLean confirmed that Richmond County has a surplus of approximately $636,000, due in large part to a reduction in operating costs from the organizational review.
The new warden said the municipality’s net debt position, on a consolidated basis, has improved over last year to the current $1,598,354.
MacLean said the municipal water utility and Richmond Housing Corporation both recorded surpluses of $128,211 and $480,381 respectively.
He said the municipality has capital reserves, at year end, of $1,948,900 and operating reserves of $4,237,391.
MacLean pointed out that the municipality invested $2.7 million into capital projects such as the Louisdale-Evanston water treatment project, using a variety of public funding sources from various levels of government.
Before moving the adoption of the financial statements, deputy warden Brian Marchand explained that the consolidated debt figure also includes the Richmond Villa in St. Peter’s.
The warden added the positive numbers were the result of a lot of good work by municipal councillors, staff and auditors.
“We’re very impressed with the work that was done by our financial staff and our CFO,” MacLean said. “We’re super happy with the results from the audit and proud of the work that’s been done by the staff.”