The Town of Elk Point received positive feedback following its annual financial audit.
Jeff Alliston, auditor with the Metrix Group, attended Elk Point Town Council regular meeting on Monday, April 8 to explain the 2018 audit. Alliston noted that the town is appropriately managing its finances.
“We are anticipating a small surplus,” said Mayor of Elk Point, Lorne Young.
He explained that during the “tough financial times” town council felt it was important to be responsible with its finances.
The net financial debt at the end of 2018 was $320,451, up a little from $305,314 in 2017.
The annual surplus came in at $168,501, significantly less than in 2017 when the annual surplus was $1,003,884.
The difference represents $230,000 worth of land sold in parcels for $1 each, and amortization applied for waterlines and infrastructure depreciation.
Regarding the land sales losses, Alliston applauded the sales as the land is currently not being used but the new owners will be responsible to pay taxes and to install services, thus increasing the town’s revenue.
“It’s all about attracting businesses and jobs to our community,” Young said.
He added that whenever the town is considering selling land they have the town’s best interests in mind.
Council is currently working on its official 2019 budget, to be approved at an upcoming Town meeting.
“We will be presenting a balanced budget,” confirmed Young.
The mayor anticipates the budget will be approved in May once the school requisition portion is presented by the provincial government.