City in good financial shape, auditor says

The City of Castlegar’s finances have been given a clean bill of health.

  • Thu Jun 18th, 2015 8:00pm
  • News

Betsy Kline

 

Castlegar News

 

The City of Castlegar’s finances have been given a clean bill of health.

Don Simpson of BDO Canada LLP, chartered accountants, presented the independent auditor’s report of the city’s 2014 books to city council Monday.

Simpson reported the firm felt the city’s management team did an excellent job managing the public coffers.

“$5.3 million net financial assets is a very strong indicator of the strength of the city in maintaining the assets on behalf of your ratepayers,” he said.

“[It] means you have money in the bank to preserve your infrastructure and maintain your infrastructure.

“Whereas other communities in our province are in a financial deficit, meaning they will have to borrow from future taxpayers to maintain and preserve their infrastructure. The City of Castlegar has come a long way to stand $5.3 million to the good.”

Simpson also discussed upcoming changes in municipal requirements that will mean city-owned properties contaminated in any way may need to be reported as liabilities.

Castlegar is ahead of most communities in trying to identify such properties and analyze whether it faces any risk.

“Your management team has also allowed us to share the work they have put together to try and lead other communities. So we are focusing with our other communities and giving the credit to the City of Castlegar,” Simpson said.

“Your management team is well aware of the issues and are working very diligently. The work I have seen so far is excellent.”

Councillor Kevin Chernoff thanked Simpson for recognizing the superior work of city staff.

 

“I think it is great that you think this of our staff, because we think our staff does a really great job. It is nice to be told they are being proactive and helping other communities. It is what we believe in as council too,” he said.