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   Volume 82 - Issue 18 Website:www.passherald.ca   email: news@passherald.ca   $1.00   
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Marion Vanoni, Director of Finance and Corporate Services, along with BDOCanada LLP, presented council with the 2011 Audited Financial Statements.
The statement reports on the Municipality’s assets liabilities and accumulated surplus.
When reviewing the statement, consideration is given to identifying the Municipality’s capacity to provide the necessary assets to fund future services and whether there are sufficient future revenues to cover the existing liabilities.
The assets of the municipality have decreased $555,907 while liabilities have decreased $1,043,441.
A positive cash ratio exists with current assets of $4,905,131 offset with current liabilities of $1,233,022.
Committents for reserves, deferred revenues and employee benefit obligations are $2,640,361 and annual debt payment is currently at $454,752.
 

Taxes and grants in lieu have increased by $273,784 from 2010 resulting in a year end balance of $844,365 of which $474,423 may not be readily converted to cash.
Reserves have increased by $183,887 from 2010.
According to Vanoni, “overall, the 2011 Municipal Financial Position is positive and will provide a financial foundation that administration can begin to strategically strengthen as a result of the triennial budget process, improved operation practises and the Municipal Strategic Plan”.
The Audited Financial Statements were approved by council unanimously.
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   Volume 82 - Issue 18 Website:www.passherald.ca   email: news@passherald.ca   $1.00   
 
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