The United Counties of Stormont, Dundas and Glengarry (SDG) finished 2013 in a surplus position, as reported today (Tuesday, June 10) by its auditors Craig Keen Despatie Markell LLP.
Although the year’s surplus was small relative to SDG’s budget, the $242,000 surplus is a positive financial result for the County.
Ian Murphy and Ross Markell, auditors and partners of the firm, also highlighted the solid reserves balance and County Council’s achievement of maintaining its capital assets.
Additional capital assets of $10 million were completed in 2013, while the year’s depreciation was $7.5 million; resulting in a net book value increase in the capital assets now valued at $84.6 million.
When presenting the Five Year Financial Review, Markell highlighted that SDG has done well in controlling its spending.
“Over the last five years, SDG’s expenses have increased by a total of only 1.5 percent, an amount much less than the rate of inflation,” explained Markell. Over this same time period, dwindling federal and provincial grants have increased pressure on the County’s tax rates.
“In closing, I can tell Council that your internal controls are good, your financial position is good, and your accounting records are good,” Markell concluded.
Like many municipalities in Ontario, SDG continues to meet more demands for public services than dollars to meet the demands.
“Council and staff are keenly aware our financial pressures and set realistic priorities when budgeting,” said Vanessa Bennett, County Treasurer. “Controlling costs and working within approved budgets is everyone’s main concern.”
The SDG Police Services Board and SDG County Library Board also completed 2013 with surpluses.
Final audited financial reports will be posted soon at www.sdgcounties.ca