Saugeen Shores doesn’t have as much money in the town bank account as before but an audit report says they’re still in good shape.
Auditor Michael Bolton from BDO Dunwoody presented the 2010 statements to Saugeen Shores council recently that show the accumulated surplus has increased 11.8 million dollars to approximately 154 million dollars.
That includes the tangible capital assets, the net debt, any unfunded liabilities, the reserve and reserve fund balances.
Bolton says the cash balance is down because the town has put out a lot of money into capital assets such as the sewer project north of the Saugeen River in Southampton this year.
He says this is expected to help devlopment in the future that should create some cash flow for the town.
Bolton says if they needed to go borrow more money to replenish the town bank account they could do so because they’re nowhere near their debt ceiling as dictated by provincial guidelines.
From a numbers point of view cash and temporary investments in 2009 totalled just over 4.4 million dollars.
In 2010 — that dipped to just over 215 thousand dollars.
