OLDS — The town’s audited financial statements were not available for council to approve last week due to efforts to transfer assets, loan agreements etc. into Olds Fibre Ltd. (OFL), which operates as O-NET.
Interim chief administrative officer and town finance director Sheena Linderman made that announcement during council’s April 25 meeting.
O-NET is an internet, TV and phone services provider.
“Normally (at) this council meeting you would see our audited financial statements coming for approval and then submitted ultimately to Municipal Affairs," Linderman said.
“You’ll notice they’re not on today’s agenda. With all of the still-pending work with OFL and the transfer of assets and loan agreements, we have been unable to completely finish our year-end."
In March, council agreed to roll assets as well as the redemption/repurchase of OFL shares and a loan between the Town of Olds and OFL, valued at a total of approximately $14 million into OFL.
On Oct. 1, 2021, the municipality completed a purchase and sale agreement with the receiver of Olds Institute for Community and Regional Development (OICRD).
OFL became the Town of Olds' municipally-controlled corporation on that date as the Town of Olds purchased all the shares of OFL from the receiver.
"A request has been made to Municipal Affairs for an extension on the submittal of these financial statements. The deadline is normally May 1. We are still waiting to hear back from Municipal Affairs on that approval,” Linderman said.
"At this time we are unable to finish our financial statements,” she added.
Coun. Heather Ryan asked Linderman if she foresaw any problems in getting that extension from the province’s Municipal Affairs ministry.
“I don’t think so, given the circumstances. But again, I don’t have a crystal ball,” Linderman said with a short laugh.
Coun. Darren Wilson asked if the audited financial statements will be uploaded to the Town of Olds' website.
Linderman said they will be.
“As soon as they are accepted by council they are electronically filed in a folder and uploaded on the website,” she said.
Council voted to accept Linderman’s verbal report on the situation as information.
