Elk Point Ran a Deficit in 2015

The Town of Elk Point received its audited financial statements for 2015, which reveal an overall deficit. The deficit was planned and not unexpected, explains Councillor for the Town of Elk Point, Lorne Young.

“We are in a net debt position, but we knew that.” The debt comes from enhancements to the community, says Young, “based on improvements that we’ve been working on; the treated water storage, servicing a new batch of residential lots, work we’ve done on the industrial lots. We knew we were in a net debt position. Our goal is to move out of debt.”

“All the statements are public and will be posted to the Town website,” Young says if any residents wish to view the statements, they can be found at elkpoint.ca.

The Town did receive a clean audited report from Hawking Epp Dumont LLP; which basically means the books were done correctly and all finances are accounted for.

Next step for the Town will be to set the mill rate. The mill rate multiplied by the assessed value of property determines the Town’s property taxes. Young would like residents to keep in mind that the Town must also collect the Education tax; which is set by the Provincial Government.

“The wild card in there has to do with the school requisition,” Young says unfortunately it appears as though residents will see an increase on their property taxes, despite the Town’s best efforts to keep taxes the same or lower. “It’s a Provincial tax, we simply collect it. But it definitely shows up on people’s taxes.”

“In terms of the mill rate, we’ve taken a look at it and we’re trying to hold the line on everything,” Young says it is likely the Town will set the mill rate at the May 9^th regular Council meeting.