Town records deficit of $700K for 2022

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A day late and a dollar short.

That’s a mild way of describing the state of Deep River’s financial books, which have actually come in a year late and several hundred thousand dollars short.

Normally at this time of year the town is presented with its consolidated financial statements, showing its bottom line from the end of the previous year.

Council was indeed presented with those statements last week, but they were for the year 2022 rather than 2023.

“They are a little later than normal,” Rod Sinclair told council with a touch of understatement.

Sinclair is with the firm Baker Tilly REO LLP, the chartered accounting firm which conducted the audit of the financial statements.

The numbers contained in the audited statements show the town wrapped up 2022 with a fiscal deficit of $723,341.

The reasoning for that, Sinclair told council, is the town’s net debt rose from $6.4 million in 2021 to almost $8.9 million in 2022, while its cash position plummeted from just under $3.2 million to $330,970.

“Your cash is down quite a bit this year,” Sinclair told council…

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