Not only is Deep River in a relatively solid financial position, town council was presented with that position last week in the rock star of municipal audits.
Municipalities have their consolidated financial statements audited by accounting firms on an annual basis, showing their bottom line from the end of the previous year.
The audits follow Public Sector Accounting Board (PSAB) principles, which calculate a municipality’s accumulated surplus by subtracting their liabilities from their financial assets, and adding in their “tangible capital assets” such as roads and pipes.
With that in mind, when accounting firms present their findings to municipal councils they’re typically dry as dust.
But Deep River’s new accounting firm, brought on board earlier this year, achieved the impossible last week – an engaging audit report – by branching out into a comparison of how the town is faring compared to its peers.
“First-year audits always have the potential to be a bit tricky,” Oscar Poloni, a partner with KPMG LLP, began his presentation, speaking to his firm’s efforts in getting acquainted with the town’s books.
“You’re getting to know us. We’re getting to know you.”
Poloni went on to tell council there were no first-year heebie-jeebies in that regard.
“It has gone extremely well,” he told said of KPMG’s findings.
“There isn’t anything that I would suggest should keep you up at night”…
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