City passes 2010 financial audit

first_imgA clean audit report was given to the city of Fort St. John for last year’s financial records.Some of the main findings of the report showed a decrease in cash the city had on-hand. This decrease was due to the fact that the city had applied for grants for projects it may have paid for and completed last year, but the money was not received until 2011.- Advertisement -The auditors also pointed out a small reduction – slightly more than $600,000 – in the City’s long-term debt.One new item was included in the 2010 report. Last year’s audit included the City’s tangible capital assets, for which municipalities are now required to account. The audit showed that Fort St. John is facing an infrastructure deficit of almost $79 million.City Manager Dianne Hunter says the deficit is due to the fact that the city has many items, like sewers, that have surpassed their life expectancies and require replacing. Since many municipalities, including Fort St. John, had never quantified tangible capital assets, they were never fully considered in a budget. Hunter says City Council will now have to address the deficit through policy.A closed council meeting was conducted before the information was released to the public. New requirements under the Canadian Audit Standards, which were recently adopted, mean a city council is required to approve an audit in draft form before it is presented to the public.Advertisementlast_img read more