2011 audit presented to Golden council

A private accounting firm presented council with their audited financial statement for the Town of Golden.

Jim Wooley from Adams Wooley accounting firm in Cranbrook was on hand at a Special Open Council Meeting on August 7 to do a presentation of the 2011 Audited Financial Statement for the Town of Golden.

Wooley gave what he described as a general review of the financial statements for the council.

He opened his presentation with a slide about the general financial assets of the Town.

“This year there was quite a swing in the status which ended December 31, 2011. We went from a small surplus to a debt. This swing at this point was $2.2 million, which is about a $1.4 million debt. This means at the end of 2011 you will carry more payables than debt,” he said.

“It is a bit of a red flag but it is not anything to be too concerned about.”

Wooley explained that when you look deeper into this situation there was a fair amount of potential tangible assets added  in 2011.

The upgrades at the Golden Civic Centre along with road work which was being done were noted as being two of these major assets.

“You added a fair amount of assets but you didn’t take on any additional debt,” he said. “Your debt is being paid off from year to year.”

From the operating standpoint Wooley said there was a rise in revenues and operating costs.

Even though both went up Wooley said there was no deficit in this section during the audited time period.