The Town of Carleton Place is in good financial shape, according to a report by municipal auditor Howard Allan presented to Carleton Place council on March 28.
“Overall, I think it is fair to say that the town has enjoyed good financial management,” Allan said, noting revenues are slightly higher than budgeted, as are expenditures. Critically, he noted, “we budgeted for a net revenue from operations of about $70,000 and it turned out in excess of $400,000.” Allan added the town showed a $3.8 million surplus for fiscal year 2016.
Other items from March 28 council
Sneddon receives community builders award
Snowmobilers make pitch for inclusion on Ottawa Valley Rec Trail
“We did improve our net financial assets for the year by about a million dollars, and this was represented by less debt and additional cash assets,” Allan said. “At the end of the year, we have net financial assets of $8.5 million,” with over $100 in tangible capital assets.
Allan also pointed to provincial indicators that determine whether a town’s finances are low, medium, or high risk. “I would say that all the factors that relate to Carleton Place [are] at low risk,” Allan assured council, noting tax arrears are at 6 per cent (with the provincial standard of 10 per cent or less being low-risk). “Our net financial assets compared to provincial averages are also very positive.”