Independent Audit: Town in Healthy Financial Position

An independent auditor has confirmed the Town of Saugeen Shores is in a healthy financial position, after examining its 2021 financial statements.

Council accepted the BDO report on Monday night, including the 2021 financial statements.

Some of the highlights include:

• Significant investment in infrastructure by spending $17.5 million on capital assets, including the investment in Lamont Sports Park Phase 1, McEwing Bridge, as well as millions for roads, water, and wastewater projects.
• A $6M+ increase in the Reserve and Reserve Funds from $33,517,648 to $39,355,237.  These funds will be used for future capital investment such as the proposed Aquatic and Wellness Centre.
• A $400K+ operating budget surplus transferred to the Tax Stabilization Reserve, a so-called “rainy day fund” for the Town.

“The Town is financially well-positioned for the future,” said Chief Financial Officer and Treasurer Daniel Waechter. “I look forward to providing council with more details as we create our 2023 Business Plan.”

“We are making significant investments in the Town’s future by spending on capital projects and infrastructure,” said Mayor Luke Charbonneau. “We are able to do this because of our substantial financial reserves.  Careful planning and financial discipline are both key to helping us manage the growth in our community while improving the quality of life for residents.”

Generally accepted accounting principles require a municipality to prepare consolidated Financial Statements on an annual basis.  Under the Ontario Municipality Act, the Town must appoint a licenced auditor to express an opinion on those financial statements after an annual audit.