Williams Lake’s 2018 audited financial statements showed no red flags, said Kane Fraser of MNP LLP Chartered Accountants.
“Our clean opinion didn’t discover anything,” Fraser said as he outlined some highlights from the statements during Tuesday’s regular council meeting.
He pointed out the net financial assets for the end of 2018.
“It is cash or claim to cash — so your financial assets less your liabilities are $3.8 million. That’s really positive and the reason I bring that up is because if we look back in time to 2013 the financial assets were negative $5.5 million.”
Fraser said it shows the chief financial officer Vitali Kozubenko and chief administrative officer Milo MacDonald are doing a “great job.”
There was a $3.8 million surplus into the fiscal year was due to the City’s share of profits from the Williams Lake Community Forest, $500,000 in deferred revenue and other capital projects were not carried out in 2018.
“While the financial statements are quite lengthy, I think those are the highlights,” Fraser said.
Mayor Walt Cobb said he did not have any questions.
“I’ve gone through it and think it is looking very positive,” Cobb said. “Thanks to the staff — it’s been a long road. For four and a half years we’ve been working at it getting our finances in order and it appears we are there.”
Coun. Scott Nelson said as finance chair he agreed with Cobb and described the financial statements as “very good news.”
“In terms of where we were, where we’ve gone and where we are about to go, what would you say to the community in terms of our overall financing practices?” he asked Fraser.
Responding, Fraser said city council and staff have taken measurements to get where they are today.
“In the next few years you are going to have some debts paid for in your sewer and water funds, so that’s very positive. Things are looking good compared to historically. I think it shows good stewardship.”