BWG council receives 2009 Financials

By Miriam King Bradford Times October 14 2010
Mayoral Candidate Jim Corneau and Deputy Mayoral Candidate Rob Keffer have raised questions about the 2009 audited financial statement of the Town of Bradford West Gwillimbury, asking why it hasn’t been available, when it will be released – and questioning whether the Town knows its own financial position without the information.
On October 12, all of those questions were answered, as Sue Bragg of Gaviller & Company presented the 2009 Financial Statements to Council, “hot off the press.”

Bragg noted that this is the first year that the statement has been prepared under the Province’s new Tangible Asset rules. “Really, a monumental task has been accomplished,” she said – establishing the historical value of every piece of infrastructure.
In fact, the job has been so monumental that only 20% of Ontario municipalities have filed their 2009 financials. “Everybody’s struggling with this,” said Bragg. “You are certainly at the forefront of all that.”
The auditors also had to wait until financial statements were received from the Library Board, Holland Marsh Drainage System Joint Municipal Services Board, and Police Services Board. The latter was only received in Sept. 2010.
The financials show that the Town has a “$229 million accumulated surplus” – but Bragg warned Council, “That doesn’t mean there’s $229 million in cash.”
The majority, about $193 million, is in tangible capital assets, from roads to sewer infrastructure. “It’s tied up.” The Town also has $26 million in Reserves and Reserve Funds, and $35 million in cash and temporary investments – the bulk of which “is restricted for specific purposes.”
As for unpaid taxes, about $2.9 million was outstanding at the end of 2009 – approximately 7% of the total levy. “You’re at the low end of the range. We see that as high as 17%,” Bragg assured Council.
The Town received $7.8 million from the Town of Innisfil in 2009, repayment of funds paid up-front by BWG for the water treatment plant expansion and water pipeline – and incurred new long-term debt of $5.4 million, for projects that included the new Police Station, Courthouse improvements, and roadwork on Professor Day Drive.
“The Town has a lot to be proud of,” Bragg concluded. “Your long-term debt is well within the ministry guidelines.”
Council received the document; approval will have to wait until after the October 25 elections.