KIM BURTON-SCHRAM LOCAL JOURNALISM INITIATIVE REPORTER
Jamie Pollack from MNP Auditors presented an independent report to the SDG Counties’ Council at their recent meeting. The purpose of the report was to provide information to the Council on the consolidated financial statements for the United Counties from December 2024. These statements include financial activities, net financial assets, cash flow and a summary of accounting policies. The consolidated entities that are included in this report are for assets, liabilities, sources of funding, such as revenue from taxes, as well as expenditures for all committees of SDG Council as well as the SDG Counties’ Library Board and Police Services Board.
The report presented by MNP went through the operations, financial position, cash flow and balance sheet of SDG Counties, summarizing financial activities and final amounts at the end of 2024. The year ended with a change in accumulated surplus of $3.3 million, which includes transfers from various reserves such as Roads Projects, Regional Incentives Program, Library, Police and Geographic Information System (GIS), which creates and stores addresses, land parcels, roads, zoning and water & sewer information.
SDG Counties receivables for 2024 finished above the budgeted amount with a final $73.3 million, and expenditures for SDG Counties stood at $71.9 million. The end of year balances for the Counties included $424,094 in surpluses, $31,587,172 in reserves and $146,754,704 invested in tangible capital assets for a total balance of $178,765,970. The financial report stated that SDG Counties has a working cash flow of $29.9 million as of December 2024. SDG Counties Council had set aside a total of $31.5 million in reserves for specific purposes. These included: Working capital of $8,478,312; Capital expenditure of $2,500,000; $16,624,421 for Roads; $87,252 for SDG Library; $394,729 for Buildings; a Tax rate stabilization amount of $1,565,793; plus $1,936,664 earmarked for other needs.
While reserves have decreased by a small amount in 2024 from 2023, SDG Counties has invested into its infrastructure, with a particular focus on improving roads, completing the year with a higher net book value than 2023. Through this report presented to Council, MNP Auditors evaluated the ongoing accounting policies of the Counties and those that govern its management. Overall, SDG Counties was declared to have a clean audit with strong reserves in place and the ability to continue as a going concern.
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