Town in good financial shape, independent audit confirms
When it comes to the financial records of the Town of Stony Plain, the Municipality is in good shape, an independent auditor has confirmed.
"Overall, the Town is in good financial health," Phil Dirks, a chartered accountant with Hawkings Epp Dumont LLP, told Town Council at the regular Council meeting on April 22, 2013. "I believe this is the same message I delivered to Council about the Town’s finances as last year, and that is a good thing: the Town's financial records are accurate, clear and well-kept."
Dirks was in Council Chambers on Monday to present the results of the firm’s audit of the Town's 2012 financials and to express his professional opinion of the Town's audited financial statements. The report, which follows the Canadian Auditing Standards (CAS) - used for audits of financial statements and which constitute Generally Accepted Auditing Standards (GAAS) for audits - confirmed that the Town has low debt, healthy to moderate reserves, low taxes and controlled spending.
The audit showed the Town finished 2012 with a net accumulated surplus of $158,909,543. Its net financial assets as of Dec. 31, 202 totaled $8,599,123, an increase of $384,269 from 2011. The Town also had total capital and operating reserves of $12,457,157 and $3,371,521, respectively, at year’s-end.
The Town has relatively negligible long-term debt - $9,228,368, as of Dec. 31- and is well within its borrowing limit ($42,803,838), set by the Province, in accordance with the Alberta Municipal Government Act. The interest paid on long-term debt amounted to $329,592 (compared to $314,490 in 2011), and the Town’s cash payments for interest were $316,547, up from $312,691 in 2011.
The Town received $28,535,892 in revenues in 2012, sourced principally from net municipal property taxation, Provincial transfers/grants, sales and user charges, developer levies, fines, interest or other sources; total expenses in 2012 totaled $27,169,635.
Dirks complimented the Town's meticulous record-keeping, noting he found no major errors, omissions or discrepancies, nor any major concerns or significant recommendations. He also noted that he faced no difficulties throughout the audit process itself.
Both Dirks and Mayor William Choy credited the Town's director of corporate services, manager of finance and all Town staff for their due diligence in maintaining accurate and honest financial records and being good stewards of the Town's financial resources.
"The Town remains in a solid financial position," says William Choy, mayor of Stony Plain. "We are very pleased with the findings in this report. Being wise stewards of the Town's financial resources is one of our top priorities and responsibilities."
A copy of the audit report will be posted on the Town's website and is also available for review at the Town Office during regular business hours (8:30 a.m. to 4:30 p.m., Monday to Friday – excluding holidays).