Michael Murphy, CPA, CA and senior manager for BDO Canada LLP, presented the findings of the company’s independent audit of Castlegar’s finances at Monday’s council meeting. BDO was engaged to review the statement of financial position, statement of operations, changes in net financial assets and cash flow, and a summary of significant accounting policies for 2015. The auditor had high praise for both the state of the city’s finances and the city staff that prepared the annual financial report.
“Staff was very accommodating and provided open access to all records,” said Murphy. He also stated that there were no instances of fraud detected and that expenses are on par with budget.
A new standard for reporting contaminated sites within municipalities is being introduced in BC and the auditor reported that Castlegar has already implemented the changes ahead of schedule. “I would really like to give credit to city management because they were ahead of the curve on this one,” said Murphy. “They provided support for a number of municipalities in the East and West Kootenays in terms of getting the contaminated sites program off the ground.”
BDO also provides auditing services to seven other municipalities. When asked by Councillor Sue Heaton-Sherstibitoff about how Castlegar compares to other municipalities, Murphy stated, “I would say that it is probably healthier than a number of them, based on a number of factors.”