Based on its 2013 audited financial statement, Wellington North is moving forward in its bid to lessen debt and put the township on a stronger financial footing.
That is the findings contained in an audited financial statement presented to council on July 14 by Joal Suraci of RLB LLP Charter Accountants and Business Advisors.
After consideration of revenue and expenses the township came out of 2013 with a $1.2 million surplus. Suraci also noted the township’s average on tax collection is better than other municipalities used for comparison purposes.
“You are well below the average at 22 per cent; the average is about 35%,” he told council about outstanding unpaid taxes. The figure represents $1.3 million in outstanding taxes.
Treasurer Paul Dowber credited staff in keeping outstanding taxes at a low level.
“The people who are in the finance department put a lot of work into collecting,” he said.
Dowber also noted the township has increased its reserve funds for future capital projects if needed. The township has current reserve funds of $7.3 million.
“You’re in a strong position here,” Suraci said.
Mayor Ray Tout credited staff and council for working on reducing expenses, including operating expenses that declined by about $250,000 in 2013.
Tout said council was elected with a mandate of getting the township’s finances in order.
“We’re starting to see it take shape,” he added. “It’s comforting to know after three years we’re now able to get something into our piggy bank. I’m pretty proud of that. We’re starting now to get the water below the chin.”
The township cut its debt by about $850,000 last year. It currently stands at $9.3 million with $4.4 million remaining to be paid on the Mount Forest Sportsplex loan.
The audit also identified the township as having assets worth $113 million in buildings, land, roads, bridges and machinery.
