Country 93

Country 93

Tuesday, September 11, 2018

Brockton In Good Financial Shape

Brockton | by Robyn Garvey  

Auditor says municipality has healthy reserve fund, surplus

A recent audit of Brockton has given the municipality a clean financial bill of health.

Auditor John Bujuld says Brockton is in solid financial shape thanks to a healthy reserve fund, an increase in cash and a generous annual surplus.

Highlights of the audit include an annual surplus increase of 828 thousand dollar, an increase in net financial assets to the tune of 742 thousand dollars and an 800 thousand dollar increase in cash.

Brockton’s reserve fund is also doing very well boasting 9.8 million dollars, which represents an increase of over 900 thousand dollars from the previous year.

Along with an increase in reserves however, Brockton’s debt has also increased over the past year by 341 thousand dollars for a total debt of 4.7 million.

Bujold says the increased debt amount relates to the financing of large capital project.

Bujold says the 4.7 million in debt is not at all concerning as it is well within the borrowing limits set out by the Ministry.

He adds Brockton’s reserve to debt ratio is quite reasonable, with 9.8 million in the bank and 4.7 million in loans.

As for Brockton’s overall accumulated surplus it sits at 54 million dollars, however this number can be somewhat confusing.

53.4 million of the 54 million dollar accumulated surplus includes all of Brockton’s tangible assets such as: land, buildings, property and infrastructure.

Bujold says all in all Brockton has received a clean audit, the books are in order and the municipality is in great fiscal shape.

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