If it needed to, the Town of Bowden could pay for all its anticipated projects and still have a bit of money left over, according to Ryan Wachter, manager of the accounting firm BDO Canada LLP in Red Deer.
Wachter made that point as he went through the town's consolidated financial statements for 2016 with town councillors last week.
Wachter said as of Dec. 31, 2016, the town had net financial assets of $1.5 million, up from $1.2 million the previous year. Of that $1.5 million, about $1.1 million is earmarked for projects.
That $1.5 million also means the town has the ability to fund future reserve accounts if necessary, Wachter added.
According to the consolidated statement of financial position, as of Dec. 31 last year, the town had $2.72 million in financial assets, up from $2.22 million the year before and $1.18 million in liabilities, up from $988,550.
"It's a clean audit report for the town," Wachter told the Albertan, stressing that means the firm didn't find any "material errors" as they studied town financial records.
He said the Town of Bowden - at least over the past three years that he can recall - has been in a strong financial position.
"You can see last year's (net financial assets figure) was $1.2 million. So they've been able to maintain it over the past three years at least -- without myself going back to look farther - this net financial position; which is what you're ideally supposed to do to ensure that your reserves are funded," he said.
Town chief administrative officer James Mason told the Albertan that for about half of last year, the town was short-handed in its public works department, so it wasn't able to complete as many projects as it might have liked.
"I know that this summer we're planning on doing some alley gravelling. We'd planned on doing some last year, but didn't," he said.
Council passed a motion to approve the financial statement.
"It's a clean audit report for the town."RYAN WACHTERMANAGER BDO CANADA RED DEER
